COLUMBIA, S.C.--(BUSINESS WIRE)--
South State Corporation (NASDAQ: SSB) announced today that it has
received all necessary regulatory and shareholder approvals for its
merger with Park Sterling Corporation (NASDAQ: PSTB).
The merger is scheduled to close on or around November 30, 2017 and the
system conversion and Park Sterling branch signage will transition to
South State in 2nd Quarter 2018.
With this merger, South State Corporation will have assets approaching
$14.5 billion and a market capitalization of approximately $3.3 billion.
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 4 North Carolina counties for over 80 years. The bank also
operates Minis & Co., Inc. and South State Advisory, both registered
investment advisors. South State Corporation has assets of approximately
$11.2 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.
Cautionary Note Regarding Any Forward-Looking Statements
Statements included in this report which are not historical in nature
are intended to be, and are hereby identified as, forward looking
statements for purposes of the safe harbor provided by Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward looking statements generally include words such as
“expects,” “projects,” “anticipates,” “believes,” “intends,”
“estimates,” “strategy,” “plan,” “potential,” “possible” and other
similar expressions. The Company cautions readers that forward looking
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from anticipated results. Such
risks and uncertainties, include, among others, the following
possibilities: (1) the outcome of any legal proceedings instituted
against the Company or Park Sterling; (2) the occurrence of any event,
change or other circumstance that could give rise to the right of one or
both of the parties to terminate the definitive merger agreement between
the Company and Park Sterling; (3) the possibility that the anticipated
benefits of the transaction are not realized when expected or at all,
including as a result of the impact of, or problems arising from, the
integration of the two companies or as a result of the strength of the
economy and competitive factors in the areas where the Company and Park
Sterling do business; (4) the possibility that the transaction may be
more expensive to complete than anticipated, including as a result of
unexpected factors or events; (5) diversion of management’s attention
from ongoing business operations and opportunities; (6) potential
adverse reactions or changes to business or employee relationships,
including those resulting from the announcement or completion of the
transaction; (7) South State’s ability to complete the acquisition and
integration of Park Sterling successfully; (8) credit risks associated
with an obligor’s failure to meet the terms of any contract with the
bank or otherwise fail to perform as agreed under the terms of any
loan-related document; (9) interest risk involving the effect of a
change in interest rates on the bank’s earnings, the market value of the
bank’s loan and securities portfolios, and the market value of the
Company’s equity; (10) liquidity risk affecting the bank’s ability to
meet its obligations when they come due; (11) risks associated with an
anticipated increase in the Company’s investment securities portfolio,
including risks associated with acquiring and holding investment
securities or potentially determining that the amount of investment
securities the Company desires to acquire are not available on terms
acceptable to the Company; (12) price risk focusing on changes in market
factors that may affect the value of traded instruments in
“mark-to-market” portfolios; (13) transaction risk arising from problems
with service or product delivery; (14) compliance risk involving risk to
earnings or capital resulting from violations of or nonconformance with
laws, rules, regulations, prescribed practices, or ethical standards;
(15) regulatory change risk resulting from new laws, rules, regulations,
accounting principles, proscribed practices or ethical standards,
including, without limitation, increased capital requirements
(including, without limitation, the impact of the capital rules adopted
to implement Basel III), Consumer Financial Protection Bureau rules and
regulations, and potential changes in accounting principles relating to
loan loss recognition; (16) strategic risk resulting from adverse
business decisions or improper implementation of business decisions;
(17) reputation risk that adversely affects earnings or capital arising
from negative public opinion; (18) terrorist activities risk that
results in loss of consumer confidence and economic disruptions; (19)
cybersecurity risk related to the dependence of South State and Park
Sterling on internal computer systems and the technology of outside
service providers, as well as the potential impacts of third-party
security breaches, subjects each company to potential business
disruptions or financial losses resulting from deliberate attacks or
unintentional events; (20) economic downturn risk potentially resulting
in deterioration in the credit markets, greater than expected
non-interest expenses, excessive loan losses and other negative
consequences, which risks could be exacerbated by potential negative
economic developments resulting from federal spending cuts and/or one or
more federal budget-related impasses or actions; (21) greater than
expected noninterest expenses; (22) excessive loan losses; (23) failure
to realize synergies and other financial benefits from, and to limit
liabilities associated with, mergers and acquisitions within the
expected time frame; (24) potential deposit attrition, higher than
expected costs, customer loss and business disruption associated with
merger and acquisition integration, including, without limitation,
potential difficulties in maintaining relationships with key personnel
and other integration related-matters; (25) the risks of fluctuations in
market prices for Company common stock that may or may not reflect
economic condition or performance of the Company; (26) the payment of
dividends on Company common stock is subject to regulatory supervision
as well as the discretion of the board of directors of the Company, the
Company’s performance and other factors; and (27) other risks and
uncertainties disclosed in the Company’s or Park Sterling’s most recent
Annual Report on Form 10-K filed with the U.S. Securities and Exchange
Commission (“SEC”) or disclosed in
documents filed or furnished by the Company or Park Sterling with or to
the SEC after the filing of such Annual Reports on Form 10-K, any of
which could cause actual results to differ materially from future
results expressed, implied or otherwise anticipated by such forward
looking statements. All forward looking statements speak only as of the
date they are made and are based on information available at that time.
Neither the Company nor Park Sterling undertakes any obligation to
update or otherwise revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by federal securities laws. As forward-looking statements
involve significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171115006504/en/
South State Corporation
Media Contact:
Kellee McGahey,
843-529-5574
or
Analyst Contact:
Jim Mabry,
843-529-5593
Source: South State Corporation