South State Bank

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South State Corporation
Public company
Traded asNASDAQSSB
Russell 2000 Index component
IndustryBanking
FoundedJanuary 1, 1934; 85 years ago (1934-01-01) as First National Bank
HeadquartersColumbia, South Carolina
Number of locations
168 branches
Area served
South Carolina
North Carolina
Georgia
Virginia
Key people
Robert R. Horger, Chairman
Robert R. Hill, Jr., CEO
John C. Pollok, CFO
ServicesFinancial Services
Increase $0.178 billion (2018)
Total assetsIncrease $14.676 billion (2018)
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, all of which are in South Carolina, North Carolina, Georgia, and Virginia.[1]

History[edit]

First National Bank was founded in Orangeburg, South Carolina in 1934.[2]

In 2002, the bank changed its name to South Carolina Bank and Trust and moved its headquarters to Columbia, South Carolina. First National Corporation remained the name of the bank holding company.[3]

First National Corporation changed its name to SCBT Financial Corp. in 2004.[4]

On November 30, 2007, the company acquired TSB Financial Corporation and its bank The Scottish Bank, giving it 4 branches in Charlotte, North Carolina and a loan production office in Cornelius, North Carolina.[5]

In 2013, the company acquired First Financial Holdings of Charleston, South Carolina for $447 million. The bank holding company was renamed as First Financial Holdings, Inc.[6]

In June 2014, the bank holding company was renamed South State Corporation and the bank was renamed South State Bank.[7]

In August 2015, the bank acquired 13 Bank of America branches, including 12 in South Carolina.[8]

On January 4, 2017, the bank acquired Augusta, Georgia-based Southeastern Bank Financial for $335 million, which added 9 branches in Georgia and 3 branches in South Carolina.[9]

On November 30, 2017, the bank acquired Park Sterling Bank of Charlotte, North Carolina and its 53 branches for $690.8 million.[10]

References[edit]

  1. ^ a b "South State Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Institution History for SOUTH STATE BANK (540926)". Federal Financial Institutions Examination Council.
  3. ^ "SCBT-First Financial merger forms S.C.'s fifth-biggest bank". The Times and Democrat. February 21, 2013.
  4. ^ "First National Corporation Announces Corporate Name Change to SCBT Financial Corporation and Resumption of Common Stock Repurchase Program" (Press release). Business Wire. February 20, 2004.
  5. ^ "SCBT Financial Corporation Completes Acquisition of TSB Financial Corporation" (Press release). Business Wire. November 30, 2007.
  6. ^ "SCBT Financial Corporation Completes Merger with First Financial Holdings, Inc" (Press release). Business Wire. July 26, 2013.
  7. ^ "Holding Company Name and Ticker Symbol to Change for SCBT on June 30, 2014" (Press release). Business Wire. June 23, 2014.
  8. ^ "South State Corporation Announces the Acquisition of 13 Branches" (Press release). Business Wire. April 22, 2015.
  9. ^ "South State Corporation and Southeastern Bank Financial Corporation Complete Merger" (Press release). Business Wire. January 4, 2017.
  10. ^ "South State Corporation and Park Sterling Corporation Complete Merger" (Press release). Business Wire. December 1, 2017.

External links[edit]