South State Bank

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South State Corporation
TypePublic company
Nasdaq: SSB
Russell 2000 Index component
IndustryBanking
FoundedJanuary 1, 1934; 88 years ago (1934-01-01) as First National Bank
HeadquartersWinter Haven, Florida, United States
Number of locations
300 branches
Area served
South Carolina
North Carolina
Georgia
Virginia
Florida
Key people
Robert R. Horger, Chairman
Robert R. Hill, Jr., CEO
John C. Pollok, CFO
ServicesFinancial services
Increase $178 million (2018)
Total assetsIncrease $34 billion (2020)
Total equityIncrease $2.366 billion (2018)
Number of employees
2,602 (2018)
Websitewww.southstatebank.com
Footnotes / references
[1]

South State Bank , based in Columbia, South Carolina, is the largest bank based in South Carolina and a subsidiary of South State Corporation, a bank holding company. As of December 31, 2018, the company had 168 branches in South Carolina, North Carolina, Georgia, 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 South State Corporation and in June 2014 SCBT became South State 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, South State took over 13 Bank of America branches in areas it did not serve.[7]

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.[8]

On April 27, 2017, South State 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. South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia.[10]

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. The combined bank has $34 billion in assets.[11]

References[]

  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 South State, but changes will take time". The Ledger. Retrieved 27 May 2021.

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