COLUMBIA, S.C.--(BUSINESS WIRE)--
South State Corporation (the “Company”) (NASDAQ: SSB) announced today
that the Company’s Board of Directors approved an increase in the number
of shares of the Company’s common stock, par value $2.50 per share,
available to be repurchased hereafter under the Company’s stock
repurchase program (the “Repurchase Program”) to 1,000,000 shares of
common stock. The Repurchase Program was originally approved by the
Board of Directors in 2004 and originally authorized the repurchase of
up to 250,000 shares of common stock.
Shares of common stock may be purchased under the Repurchase Program
periodically in open market transactions at prevailing market prices, in
privately negotiated transactions, or by other means in accordance with
federal securities laws. The actual means and timing of any purchases,
target number of shares and prices or range of prices under the
Repurchase Program will be determined by management at its discretion
and will depend on a number of factors, including the market price of
the Company’s common stock, share issuances under Company equity plans,
general market and economic conditions, and applicable legal and
regulatory requirements. The Repurchase Program has no scheduled
expiration date and may be modified, amended, or terminated by the Board
of Directors at any time.
South State Corporation is the largest bank holding company
headquartered in South Carolina. Founded in 1933, the Company’s primary
subsidiary, South State Bank, has been serving the financial needs of
its local communities in 25 South Carolina counties, 15 Georgia counties
and four North Carolina counties for over 80 years. The bank also
operates Minis & Co., Inc. and South State Advisory, both registered
investment advisors; and First Southeast Investor Services, Inc., a
limited purpose broker-dealer. South State Corporation has assets of
approximately $10.8 billion and its stock is traded under the symbol SSB
on the NASDAQ Global Select Market. More information can be found at www.SouthStateBank.com.
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South State Corporation
Kellee McGahey, 843-529-5574
Source: South State Corporation