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{{Short description|American bank}}
{{Short description|American bank}}
{{Infobox company
{{Infobox company
| name = South State Corporation
| name = SouthState Corporation
| logo = South State Bank logo.svg
| logo = South State Bank logo.svg
| alt =
| alt =
| type = [[Public company]]
| type = [[Public company|Public]]
| traded_as = {{NASDAQ|SSB}}<br>[[Russell 2000 Index]] component
| traded_as = {{ubl|{{NASDAQ|SSB}}|[[List of S&P 400 companies|S&P 400]] component}}
| industry = [[Banking]]
| industry = [[Banking]]
| foundation = {{start date and age|1934|01|01}} as First National Bank
| founded = {{Start date and age|1934|01|01}} as First National Bank
| hq_location = [[Winter Haven, Florida|Winter Haven]], [[Florida]], United States
| hq_location = [[Winter Haven, Florida]], U.S.
| num_locations = 300 [[branch (banking)|branches]]
| num_locations = 300 [[branch (banking)|branches]]
| key_people = Robert R. Horger, [[Chairman]]<BR>Robert R. Hill, Jr., [[CEO]]<BR>John C. Pollok, [[CFO]]
| key_people = Robert R. Horger ([[chairman]])<BR>Robert R. Hill, Jr. ([[Chief executive officer|CEO]])<BR>John C. Pollok ([[Chief financial officer|CFO]])
| services = [[Financial services]]
| services = [[Financial services]]
| area_served = [[South Carolina]]<BR>[[North Carolina]]<BR>[[Georgia (U.S. state)|Georgia]]<BR>[[Virginia]]<BR>[[Florida]]
| area_served = [[South Carolina]]<BR>[[North Carolina]]<BR>[[Georgia (U.S. state)|Georgia]]<BR>[[Alabama]]<BR>[[Virginia]]<BR>[[Florida]]
| net_income = {{increase}} $178 million (2018)
| net_income = {{increase}} {{US$|178 million|link=yes}} (2018)
| assets = {{increase}} $34 billion (2020)
| assets = {{increase}} US$34 billion (2020)
| equity = {{increase}} $2.366 billion (2018)
| equity = {{increase}} US$2.366 billion (2018)
| num_employees = 2,602 (2018)
| num_employees = 2,602 (2018)
| homepage = {{URL|https://www.southstatebank.com/}}
| website = {{URL|https://southstatebank.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/764038/000155837019000905/ssb-20181231x10k.htm | title=South State Corporation 2018 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/764038/000155837019000905/ssb-20181231x10k.htm | title=South State Corporation 2018 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
[[File:A SouthState Bank in Hiawassee, Georgia.jpg|thumb|A SouthState Bank in [[Hiawassee, Georgia]]]]
'''South State Bank''', based in [[Winter Haven, Florida]], is an American bank based in Florida and a subsidiary of South State Corporation, a [[bank holding company]]. As of December 31, 2018, the company had 168 [[branch (banking)|branches]] in [[South Carolina]], [[North Carolina]], [[Georgia (U.S. state)|Georgia]], and [[Virginia]].<ref name=10K/>
'''SouthState Bank''', based in [[Winter Haven, Florida]], is an American bank based in Florida and a subsidiary of SouthState Corporation, a [[bank holding company]]. As of December 31, 2018, the company had 168 [[branch (banking)|branches]] in [[South Carolina]], [[North Carolina]], [[Georgia (U.S. state)|Georgia]], [[Florida]], [[Alabama]] and [[Virginia]].<ref name=10K/>


First National Bank began in [[Orangeburg, South Carolina]] in 1933. In 2002, the bank changed its name to South Carolina Bank and Trust and moved its headquarters to [[Columbia, South Carolina]]. As of 2013, 240 people still worked in Orangeburg.<ref name=Democrat>{{cite news|url=https://thetandd.com/news/local/scbt-first-financial-merger-forms-s-c-s-fifth-biggest/article_af7689b6-7bd5-11e2-bc6a-0019bb2963f4.html|title=SCBT-First Financial merger forms S.C.'s fifth-biggest bank|work=[[The Times and Democrat]]|date=February 21, 2013|access-date=May 22, 2018}}</ref> SCBT added offices in the [[Greenville, South Carolina]] area as well. First National Corp. changed its name to SCBT Financial Corp. in 2003. The bank was South Carolina's fourth largest with $1 billion in assets.<ref>{{cite news|title=First National Soon to Be SCBT Financial|last=Dietrich|first=R. Kevin|work=[[The State (newspaper)|The State]]|date=June 17, 2003|page=B7}}</ref>
First National Bank began in [[Orangeburg, South Carolina]] in 1933. In 2002, the bank changed its name to South Carolina Bank and Trust and moved its headquarters to [[Columbia, South Carolina]]. As of 2013, 240 people still worked in Orangeburg.<ref name=Democrat>{{cite news|url=https://thetandd.com/news/local/scbt-first-financial-merger-forms-s-c-s-fifth-biggest/article_af7689b6-7bd5-11e2-bc6a-0019bb2963f4.html|title=SCBT-First Financial merger forms S.C.'s fifth-biggest bank|work=[[The Times and Democrat]]|date=February 21, 2013|access-date=May 22, 2018}}</ref> SCBT added offices in the [[Greenville, South Carolina]] area as well. First National Corp. changed its name to SCBT Financial Corp. in 2003. The bank was South Carolina's fourth largest with $1 billion in assets.<ref>{{cite news|title=First National Soon to Be SCBT Financial|last=Dietrich|first=R. Kevin|work=[[The State (newspaper)|The State]]|date=June 17, 2003|page=B7}}</ref>
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In 2013, SCBT Financial Corp. announced a merger with First Financial Holdings of [[Charleston, South Carolina|Charleston]], started in 1934, which had 66 Carolinas locations and was the third-largest financial institution with headquarters in South Carolina. SCBT had 82 locations in 19 counties in South Carolina, 10 counties in north [[Georgia (U.S. state)|Georgia]], two counties on the Georgia coast and in [[Mecklenburg County, North Carolina|Mecklenburg County]] in [[North Carolina]]. SCBT president and CEO Robert R. Hill Jr. would remain as CEO, and chair Robert R. Horger would be chair. First Financial president and CEO R. Wayne Hall would become president of the merged company, and First Financial chair Paula Harper Bethea would be vice chair.<ref name=Democrat/>
In 2013, SCBT Financial Corp. announced a merger with First Financial Holdings of [[Charleston, South Carolina|Charleston]], started in 1934, which had 66 Carolinas locations and was the third-largest financial institution with headquarters in South Carolina. SCBT had 82 locations in 19 counties in South Carolina, 10 counties in north [[Georgia (U.S. state)|Georgia]], two counties on the Georgia coast and in [[Mecklenburg County, North Carolina|Mecklenburg County]] in [[North Carolina]]. SCBT president and CEO Robert R. Hill Jr. would remain as CEO, and chair Robert R. Horger would be chair. First Financial president and CEO R. Wayne Hall would become president of the merged company, and First Financial chair Paula Harper Bethea would be vice chair.<ref name=Democrat/>


The $447 million deal for First Financial was the biggest ever for SCBT Financial, which became the owner of five banks—SCBT; First Federal Bank of Charleston; NCBT of Charlotte, North Carolina; Community Bank & Trust of [[Cornelia, Georgia]]; and the [[Savannah, Georgia|Savannah]] Bank of coastal Georgia. In 2014, SCBT Financial became South State Corporation and in June 2014 SCBT became South State Bank and First Federal did the same in July.<ref>{{cite news|url=https://www.postandcourier.com/business/renaming-first-federal-bank-a-very-detailed-process/article_4c325347-89ca-5141-8dae-90e249f7427a.html|title=Renaming First Federal Bank 'a very detailed process'|last=McDermott|first=John|work=[[The Post and Courier]]|date=April 19, 2014|access-date=May 17, 2018}}</ref> The merger added coastal South Carolina branches to the Midlands and [[Upstate South Carolina|Upstate]] and gave the bank $8 billion in assets. A former [[Kroger]] in [[North Charleston, South Carolina|North Charleston]] was converted and expanded in the 1980s for First Federal's back office operations, and it was large enough for the merged company, as other tenants moved out when the time came to do so. Also, in August, South State took over 13 [[Bank of America]] branches in areas it did not serve.<ref>{{cite news|url=https://www.postandcourier.com/business/a-look-at-south-state-deal-two-years-later/article_a04b4051-2130-55c2-8576-d79577536862.html|title=A look at South State deal two years later|last=McDermott|first=John|work=The Post and Courier|date=August 15, 2015|access-date=May 18, 2018}}</ref>
The $447 million deal for First Financial was the biggest ever for SCBT Financial, which became the owner of five banks—SCBT; First Federal Bank of Charleston; NCBT of Charlotte, North Carolina; Community Bank & Trust of [[Cornelia, Georgia]]; and the [[Savannah, Georgia|Savannah]] Bank of coastal Georgia. In 2014, SCBT Financial became SouthState Corporation and in June 2014 SCBT became SouthState Bank and First Federal did the same in July.<ref>{{cite news|url=https://www.postandcourier.com/business/renaming-first-federal-bank-a-very-detailed-process/article_4c325347-89ca-5141-8dae-90e249f7427a.html|title=Renaming First Federal Bank 'a very detailed process'|last=McDermott|first=John|work=[[The Post and Courier]]|date=April 19, 2014|access-date=May 17, 2018}}</ref> The merger added coastal South Carolina branches to the Midlands and [[Upstate South Carolina|Upstate]] and gave the bank $8 billion in assets. A former [[Kroger]] in [[North Charleston, South Carolina|North Charleston]] was converted and expanded in the 1980s for First Federal's back office operations, and it was large enough for the merged company, as other tenants moved out when the time came to do so. Also, in August, SouthState took over 13 [[Bank of America]] branches in areas it did not serve.<ref>{{cite news|url=https://www.postandcourier.com/business/a-look-at-south-state-deal-two-years-later/article_a04b4051-2130-55c2-8576-d79577536862.html|title=A look at South State deal two years later|last=McDermott|first=John|work=The Post and Courier|date=August 15, 2015|access-date=May 18, 2018}}</ref>


On January 4, 2017, South State announced completion of a deal valued at about $335 million for [[Augusta, Georgia]]-based Southeastern Bank Financial Corp., which gave South State nine Georgia Bank & Trust branches and three Southern Bank & Trust branches in South Carolina.<ref>{{cite news|url=https://columbiabusinessreport.com/news/banking-finance/71225/|title=South State completes merger with Augusta-based bank company|work=Columbia Regional Business Report|date=January 4, 2017|access-date=May 22, 2018}}</ref>
On January 4, 2017, SouthState announced completion of a deal valued at about $335 million for [[Augusta, Georgia]]-based Southeastern Bank Financial Corp., which gave SouthState nine Georgia Bank & Trust branches and three Southern Bank & Trust branches in South Carolina.<ref>{{cite news|url=https://columbiabusinessreport.com/news/banking-finance/71225/|title=South State completes merger with Augusta-based bank company|work=Columbia Regional Business Report|date=January 4, 2017|access-date=May 22, 2018}}</ref>


On April 27, 2017, South State Corp. agreed to acquire [[Park Sterling Bank|Park Sterling Corp.]] of Charlotte, North Carolina, for $690.8 million.<ref name=Craver>{{cite news|url=http://www.journalnow.com/business/business_news/local/two-more-n-c-community-banks-selling-to-out-of/article_7778a925-37b9-592c-9aa3-749f0cf7988f.html|title=Two more N.C. community banks selling to out-of-state regional banks|last=Craver|first=Richard|work=[[Winston-Salem Journal]]|date=April 28, 2017|access-date=April 28, 2017}}</ref> The deal was completed November 30, 2017 with signs changed in April 2018. South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia.<ref name=Signs>{{cite news|url=https://www.salisburypost.com/2018/04/27/park-sterling-bank-is-now-south-state-bank/|title=Park Sterling Bank is now South State Bank|last=Coates|first=Jessica|work=[[Salisbury Post]]|date=April 27, 2018|access-date=April 27, 2018}}</ref>
On April 27, 2017, SouthState Corp. agreed to acquire [[Park Sterling Bank|Park Sterling Corp.]] of Charlotte, North Carolina, for $690.8 million.<ref name=Craver>{{cite news|url=http://www.journalnow.com/business/business_news/local/two-more-n-c-community-banks-selling-to-out-of/article_7778a925-37b9-592c-9aa3-749f0cf7988f.html|title=Two more N.C. community banks selling to out-of-state regional banks|last=Craver|first=Richard|work=[[Winston-Salem Journal]]|date=April 28, 2017|access-date=April 28, 2017}}</ref> The deal was completed November 30, 2017 with signs changed in April 2018. SouthState added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and 8 in Virginia.<ref name=Signs>{{cite news|url=https://www.salisburypost.com/2018/04/27/park-sterling-bank-is-now-south-state-bank/|title=Park Sterling Bank is now South State Bank|last=Coates|first=Jessica|work=[[Salisbury Post]]|date=April 27, 2018|access-date=April 27, 2018}}</ref>


On June 8, 2020, South State completed a merger with CenterState Bank. The new bank will keep the South State name, but move its headquarters to [[Winter Haven, Florida|Winter Haven]], [[Florida]]. The combined bank has $34 billion in assets.<ref>{{cite news|url=https://www.theledger.com/story/news/local/2020/07/20/centerstate-completes-merger-with-south-state-but-changes-will-take-time/112605664/|title=CenterState completes merger with South State, but changes will take time|first1=Kevin|last1=Bouffard|work=The Ledger|date=20 July 2020|access-date=27 May 2021}}</ref>
On June 8, 2020, SouthState completed a merger with CenterState Bank. The new bank will keep the SouthState name, but move its headquarters to [[Winter Haven, Florida|Winter Haven]], [[Florida]]. The combined bank has $34 billion in assets.<ref>{{cite news|url=https://www.theledger.com/story/news/local/2020/07/20/centerstate-completes-merger-with-south-state-but-changes-will-take-time/112605664/|title=CenterState completes merger with SouthState, but changes will take time|first1=Kevin|last1=Bouffard|work=The Ledger|date=20 July 2020|access-date=27 May 2021}}</ref>

On May 20, 2024, SouthState Corporation agreed to acquire Independent Bank Group, based in McKinney for approximately $2 billion in an all-stock transaction.<ref>{{Cite web|title=McKinney-based Independent Bank Group acquired by Florida Bank |url=https://www.dallasnews.com/business/2024/05/20/mckinney-based-independent-bank-group-acquired-in-2-billion-deal/ |access-date=2024-05-26|website=The Dallas Morning News}}</ref>


==References==
==References==
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==External links==
==External links==
* {{Official website|https://www.southstatebank.com/}}
* {{Official website|https://www.southstatebank.com}}
{{Finance links
{{Finance links
| name = South State Corporation
| name = South State Corporation
| google = SSB
| symbol = SSB
⚫
| google = SSB:NASDAQ
| yahoo = SSB
| yahoo = SSB
| bloomberg = SSB:US
| bloomberg = SSB:US
| symbol = SSB
| sec_cik = 764038
⚫
| sec_cik = SSB
}}
}}


{{NASDAQ Financial-100}}
{{NASDAQ Financial-100}}
{{S&P 400 companies}}


[[Category:1933 establishments in South Carolina]]
[[Category:1933 establishments in South Carolina]]
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[[Category:Banks established in 1934]]
[[Category:Banks established in 1934]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Companies in the S&P 400]]

Latest revision as of 15:55, 6 July 2024

SouthState Corporation
Company typePublic
IndustryBanking
FoundedJanuary 1, 1934; 90 years ago (1934-01-01) as First National Bank
HeadquartersWinter Haven, Florida, U.S.
Number of locations
300 branches
Area served
South Carolina
North Carolina
Georgia
Alabama
Virginia
Florida
Key people
Robert R. Horger (chairman)
Robert R. Hill, Jr. (CEO)
John C. Pollok (CFO)
ServicesFinancial services
Increase US$178 million (2018)
Total assetsIncrease US$34 billion (2020)
Total equityIncrease US$2.366 billion (2018)
Number of employees
2,602 (2018)
Websitesouthstatebank.com
Footnotes / references
[1]
A SouthState Bank in Hiawassee, Georgia

SouthState Bank, based in Winter Haven, Florida, is an American bank based in Florida and a subsidiary of SouthState Corporation, a bank holding company. As of December 31, 2018, the company had 168 branches in South Carolina, North Carolina, Georgia, Florida, Alabama and Virginia.[1]

First National Bank began in Orangeburg, South Carolina in 1933. In 2002, the bank changed its name to South Carolina Bank and Trust and moved its headquarters to Columbia, South Carolina. As of 2013, 240 people still worked in Orangeburg.[2] SCBT added offices in the Greenville, South Carolina area as well. First National Corp. changed its name to SCBT Financial Corp. in 2003. The bank was South Carolina's fourth largest with $1 billion in assets.[3]

On November 30, 2007, SCBT Financial Corp. completed its acquisition of TSB Financial Corporation and its bank The Scottish Bank, giving SCBT four Charlotte, North Carolina locations and a loan production office in Cornelius, North Carolina.[4] The five locations changed their names to North Carolina Bank and Trust, or NCBT.[5]

In 2013, SCBT Financial Corp. announced a merger with First Financial Holdings of Charleston, started in 1934, which had 66 Carolinas locations and was the third-largest financial institution with headquarters in South Carolina. SCBT had 82 locations in 19 counties in South Carolina, 10 counties in north Georgia, two counties on the Georgia coast and in Mecklenburg County in North Carolina. SCBT president and CEO Robert R. Hill Jr. would remain as CEO, and chair Robert R. Horger would be chair. First Financial president and CEO R. Wayne Hall would become president of the merged company, and First Financial chair Paula Harper Bethea would be vice chair.[2]

The $447 million deal for First Financial was the biggest ever for SCBT Financial, which became the owner of five banks—SCBT; First Federal Bank of Charleston; NCBT of Charlotte, North Carolina; Community Bank & Trust of Cornelia, Georgia; and the Savannah Bank of coastal Georgia. In 2014, SCBT Financial became SouthState Corporation and in June 2014 SCBT became SouthState Bank and First Federal did the same in July.[6] The merger added coastal South Carolina branches to the Midlands and Upstate and gave the bank $8 billion in assets. A former Kroger in North Charleston was converted and expanded in the 1980s for First Federal's back office operations, and it was large enough for the merged company, as other tenants moved out when the time came to do so. Also, in August, SouthState took over 13 Bank of America branches in areas it did not serve.[7]

On January 4, 2017, SouthState announced completion of a deal valued at about $335 million for Augusta, Georgia-based Southeastern Bank Financial Corp., which gave SouthState nine Georgia Bank & Trust branches and three Southern Bank & Trust branches in South Carolina.[8]

On April 27, 2017, SouthState Corp. agreed to acquire Park Sterling Corp. of Charlotte, North Carolina, for $690.8 million.[9] The deal was completed November 30, 2017 with signs changed in April 2018. SouthState added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and 8 in Virginia.[10]

On June 8, 2020, SouthState completed a merger with CenterState Bank. The new bank will keep the SouthState name, but move its headquarters to Winter Haven, Florida. The combined bank has $34 billion in assets.[11]

On May 20, 2024, SouthState Corporation agreed to acquire Independent Bank Group, based in McKinney for approximately $2 billion in an all-stock transaction.[12]

References

[edit]
  1. ^ a b "South State Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "SCBT-First Financial merger forms S.C.'s fifth-biggest bank". The Times and Democrat. February 21, 2013. Retrieved May 22, 2018.
  3. ^ Dietrich, R. Kevin (June 17, 2003). "First National Soon to Be SCBT Financial". The State. p. B7.
  4. ^ "SCBT Financial Corporation Completes Acquisition of TSB Financial Corporation". Business Wire. November 30, 2007. Retrieved May 22, 2018.
  5. ^ Rexrode, Christina (August 7, 2008). "Scottish Bank Losing Its Brogue". The Charlotte Observer. p. 1D.
  6. ^ McDermott, John (April 19, 2014). "Renaming First Federal Bank 'a very detailed process'". The Post and Courier. Retrieved May 17, 2018.
  7. ^ McDermott, John (August 15, 2015). "A look at South State deal two years later". The Post and Courier. Retrieved May 18, 2018.
  8. ^ "South State completes merger with Augusta-based bank company". Columbia Regional Business Report. January 4, 2017. Retrieved May 22, 2018.
  9. ^ Craver, Richard (April 28, 2017). "Two more N.C. community banks selling to out-of-state regional banks". Winston-Salem Journal. Retrieved April 28, 2017.
  10. ^ Coates, Jessica (April 27, 2018). "Park Sterling Bank is now South State Bank". Salisbury Post. Retrieved April 27, 2018.
  11. ^ Bouffard, Kevin (20 July 2020). "CenterState completes merger with SouthState, but changes will take time". The Ledger. Retrieved 27 May 2021.
  12. ^ "McKinney-based Independent Bank Group acquired by Florida Bank". The Dallas Morning News. Retrieved 2024-05-26.
[edit]
  • Official website
  • Business data for South State Corporation:
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