COLUMBIA, SC - South State Corporation has entered into an agreement to purchase 12 South Carolina branch locations and one Georgia branch location from Bank of America.
This provides South State entry into six new markets and three existing markets that the company already serves. The acquired branches are located in Florence, Greenwood, Orangeburg, Sumter, Newberry, Batesburg-Leesville, Abbeville and Hartsville, SC, as well as Hartwell, Georgia.
South State anticipates assuming approximately $580 Million in deposits and purchasing approximately $3 Million in loans from this acquisition. Pending regulatory approval, the closing is scheduled to occur in the 3rd Quarter this year. South State will hire all current employees at each of the acquired branches and says it is committed to a smooth customer transition.
“I am pleased to announce this expansion of South State in South Carolina and Georgia. These offices are a great addition to our existing banking network,” said Robert R. Hill, Jr., South State CEO. “We look forward to growing and investing in these communities and to welcoming these customers and employees to South State.”
South State operates banks in 19 South Carolina counties, 12 Georgia counties and four North Carolina counties.
http://accesswdun.com/article/2015/4/305245/hartwell-bank-of-america-sold-to-south-state-bank