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Great Southern's mission is to build winning relationships with its customers, associates, shareholders and communities. On any given day, we are hard at. State Bank of India, a financial powerhouse, provides banking services like saving account, fixed deposits, personal loans, education loan, SME loans. “Currently, South State Bank is number one in market share in the Orangeburg region with over 20, customers,” said Gene McConnell, Orangeburg.

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Midland Wealth Management is a trade name used by Midland States Bank and its subsidiary Midland Trust Company.

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The Community State Bank

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SouthState Corporation and Atlantic Capital Bancshares Announce Merger Agreement

WINTER HAVEN, Fla. and ATLANTA, July 23, (GLOBE NEWSWIRE) -- SouthState Corporation (NASDAQ: SSB) (“SouthState” or the “Company”) and Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (“Atlantic Capital”) jointly announced today the signing of a definitive agreement pursuant to which Atlantic Capital will merge with and into SouthState in an all-stock transaction with an aggregate value of approximately $ million, or $ per share of Atlantic Capital common stock.

Atlantic Capital, based in Atlanta, Georgia, has approximately $ billion in total assets, $ billion in total deposits, and $ billion in total loans as of June 30,and operates one branch in the Atlanta metro area and one branch in Athens, Georgia. This merger will enhance SouthState’s scale and improve market density in the attractive Atlanta market. SouthState will have top ten deposit market share in the Atlanta MSA, with approximately $5 billion in pro forma deposits. Upon merger completion, the combined company will have pro forma total assets of $44 billion, deposits of $36 billion, gross loans of $26 billion, and a market capitalization of approximately $ billion.  

"We are pleased to announce this partnership with Doug and his team at Atlantic Capital. Atlanta is a strategically important market for us, and this attractive, in-market transaction significantly expands our market share in one of the fastest growing cities in the country,” said John C. Corbett, Chief Executive Officer of SouthState. “Additionally, Atlantic Capital provides a high-growth Fintech and Payments platform and a seasoned team of Atlanta bankers with a proven record of success.”

Douglas L. Williams, President and CEO of Atlantic Capital, said, ”This partnership with SouthState enhances our purpose to fuel prosperity for our shareholders, clients, and teammates. SouthState’s larger capital base and broader range of capabilities will strengthen our client relationships and expand our new business opportunities. Our companies are tightly aligned culturally; we operate on the same core banking and treasury management platforms, and our credit and risk management philosophies and processes are similar.”

Subject to the terms of the merger agreement, Atlantic Capital shareholders will receive shares of SouthState common stock for each outstanding share of Atlantic Capital common stock.  Based on SouthState’s stock price of $ as of July 22,this equates to a per share value of $ and an aggregate transaction value of $ million. Additionally, two Atlantic Capital directors will join both the Company board and the SouthState Bank board.

The transaction is expected to result in 3% EPS accretion on a fully phased in basis and minimal tangible book value dilution, which is expected to be earned back in two years.

The merger agreement has been unanimously approved by the wedding gift card money box of directors of Atlantic Capital and SouthState.  Completion of the merger is subject to customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of Atlantic Capital.  The transaction is expected to close in the first quarter of     

Raymond James & Associates, Inc. served as exclusive financial advisor and Davis Polk & Wardwell LLP served as legal counsel to SouthState in the transaction.  J.P. Morgan Securities LLC served as exclusive financial advisor and Sullivan & Cromwell LLP and Troutman Pepper Hamilton Sanders LLP served as legal counsel to Atlantic Capital in the transaction.

Joint Investor Conference Call

SouthState and Atlantic Capital will host a conference call to discuss the transaction and second quarter earnings results at a.m. Eastern Time today. To listen to the live call, please dial within the U.S. and for all other locations and enter the participant code The live webcast, along with the related presentation, will be available on the Investor Relations section of each company’s first citizens national bank collierville tn at mynewextsetup.us and mynewextsetup.us  An audio replay is expected to be available the evening of July 23, To access the replay, dial and use conference number International callers should dial and enter the same conference first tennessee customer service a result of today's merger announcement, both companies have cancelled their previously scheduled second quarter earnings conference calls.

About SouthState Corporation

SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Camping north texas, Florida. SouthState Bank, N.A., the Company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at mynewextsetup.us

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Jackie Smith,

About Atlantic Capital Bancshares, Inc.

Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) with assets of $ billion, is a publicly-traded bank holding company headquartered in Atlanta, Georgia. Atlantic Capital is a and Best Places to Work and Best Banks to Work For recipient. Atlantic Capital offers commercial and not-for-profit banking services, specialty corporate financial services, private banking services and commercial real estate finance solutions to privately held companies and individuals in the Atlanta area, as well as specialized financial services for select clients nationally.

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Patrick Oakes,

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, 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 and Section 21E of the Securities Exchange Act of These statements include, but are not limited to, statements about the benefits of the proposed merger of SouthState and Atlantic Capital, including future financial and operating results (including the anticipated impact of the transaction on SouthState’s and Atlantic Capital’s respective earnings and tangible book value), statements related to the expected timing of the completion of the merger, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,” “expects,” “believes,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of SouthState or Atlantic Capital to differ materially from any results expressed or implied by such forward-looking statements. suddenlink russellville ar factors which could affect future results of SouthState and Atlantic Capital can be found in SouthState’s Annual Report on Form K, Quarterly Reports on Form Q, and Current Reports on Form 8-K, and Atlantic Capital’s Annual South state bank logo on Form K, Quarterly Reports on Form Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at mynewextsetup.us SouthState and Atlantic Capital disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, 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.

Important Information About the Merger and Where to Find It

SouthState intends to file a registration statement on Form S-4 with the SEC to register the shares of SouthState’s common stock that will be issued to Atlantic Capital’s shareholders in connection with the transaction. The registration statement will include a proxy statement of Atlantic Capital that also constitutes a prospectus of SouthState. The definitive proxy statement/prospectus will be sent to the shareholders of Atlantic Capital in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE Walmart eye center mexico mo STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by SouthState or Atlantic Capital through the website maintained by the SEC at mynewextsetup.us or by contacting the investor relations department of South State or Atlantic Capital at:

South State CorporationAtlantic Capital Bancshares, Inc.
First Street South East Paces Ferry Road NE
Winter Haven, Florida Atlanta, Georgia
Attention: Investor RelationsAttention: Investor Relations
() ()


Before making any voting or investment decision, investors and security holders of SouthState and Atlantic Capital are urged to read carefully the entire registration statement and proxy statement/prospectus when they become available, including any amendments thereto, because they will contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

Participants in the Solicitation

SouthState, Atlantic Capital, and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of SouthState can be found in SouthState's definitive proxy statement in connection with its annual meeting of shareholders, as filed with the SEC on March 8,and other documents subsequently filed by SouthState with the SEC. Information about the directors and executive officers of Atlantic Capital can be found in Atlantic Capital's definitive proxy statement in connection with its annual meeting of shareholders, as filed with the SEC on April 9,and other documents south state bank logo filed by Atlantic Capital with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the transaction when they become available.


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Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3, within the first three months of account opening to receive the bonus. 10, bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on net retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a merchant code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10, points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage south state bank logo, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and (vi) merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at mynewextsetup.us at log in.

Program Rules are subject to change or cancellation without notice.

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WINTER HAVEN, Fla., Dec. 17, /PRNewswire/ -- SouthState Bank today announced the addition of a Jacksonville-based Middle Market Banking team, as well as the expansion of its Commercial banking talent across the company's six-state footprint.

SouthState logo

"The SouthState and CenterState Bank merger of equals created a leading regional bank in the Southeast," said Mark Thompson, president, Southern Banking Group. "Having a team of experienced Middle Market bankers based in Jacksonville, the largest city in Florida and in the Southeastern U.S., enables us to deliver top-tier products and services to meet the unique needs of commercial middle market companies."

"As the eighth largest bank headquartered south state bank logo the Southeast, with more than $38 billion in assets and a presence in 10 of the 15 top Southeast growth markets, SouthState continues to attract top talent," south state bank logo Greg Lapointe, chief banking officer. "We are incredibly pleased to continue to grow our Commercial Bank through the addition of these bankers, as we expand our capabilities to meet the needs of our growing commercial customer base."

The Jacksonville-based Middle Market team includes David Mann and Mike Butler.

David Mann is named director of Middle Market banking for the Southern Banking Group, bringing more than 30 years of experience in roles of increasing responsibility at SunTrust Bank. Most recently, Mann served as the national/regional CRE banking executive at SunTrust. He has held executive regional leadership roles and strategic growth roles and has extensive market experience in Florida and the Southeast.

Mike Butler is a year veteran banker who most recently served as managing director of the middle market business in Jacksonville for mynewextsetup.us Chase Bank. He also spent more than 20 years with SunTrust Bank where he was the commercial line of business manager for the state of Florida and also served as the chief credit officer for the Commercial Bank for the state of Florida. In addition, Mike served as the regional executive in East Tennessee for more than eight years.

To serve the needs of the wide variety of commercial customers SouthState supports across Florida, Alabama, Georgia, the Carolinas and Virginia, the bank has added the following Commercial Bank team members:

Dane Brantley, commercial banker – Charlotte, North Carolina, brings nearly a decade of experience in the business banking segment of Wells Account wells fargo bank to his role of commercial banker. Prior to working for Wells Fargo, Brantley was a credit analyst at Fifth Third Bank.

Janet Brown,commercial banker – Fort Mill, South Carolina, brings more than two decades of experience in commercial banking to her position, including having worked for Fidelity Bank, SunTrust Bank, RBC Centura, and General Electric Capital – Small Business Finance. Brown has a wealth of experience in owner-occupied and commercial real estate, as well as business expansion, equipment finance and Small Business Administration loans.

Tim Duffee, south state bank logo banker – Richmond, Virginia, brings more than two decades of experience in a variety of banking roles, most recently having served as market president in Richmond for First Community Bank. Duffee also served as commercial relationship manager for SunTrust Bank in Richmond. Duffee shares his knowledge with others as an adjunct professor at his alma mater, the University of Richmond, and he is very active in his community, serving in roles focused on education and emerging leaders with the Virginia Bankers Association.

Michelle Gaillard, commercial banker – Anderson, South Carolina, has held positions of increasing responsibility at some of the nation's leading banking institutions, including Wells Fargo and SunTrust Bank. Most recently, she was a principle relationship manager with Wells Fargo. Gaillard is focused on building relationships and delivering excellent service to her commercial customers, which is what makes her an invaluable asset to their team.

Justin Lake, commercial banker – Savannah, Georgia, has extensive commercial and treasury experience, having held positions in treasury sales at SunTrust Bank, and commercial relationship management and treasury with Cadence Bank. For more than a decade, Lake has delivered customized financial solutions to business clients to maximize their cash flow and working capital needs in order to promote growth.

Charlie Sherrill, commercial market leader – Pensacola, Florida, comes to the role from SunTrust Bank where he was a commercial relationship manager focused on partnering with commercial and industrial (C&I) businesses to provide advisory-based solutions for capital needs and liquidity management. During his time at SunTrust, he supported Small Business Administration clients, as well as capital south state bank logo, treasury management and investment banking mergers and acquisitions (M&A). He worked for Hancock Bank for seven years in roles ranging from credit analyst to portfolio manager to commercial banker.

Jonathan Weathers, commercial team leader – Charlotte, North Carolina, brings 15 years of banking experience, most recently as a business services team leader with Truist. Weathers specializes in building relationships with commercial and middle market clients and assisting them with cash flow and budget analysis, credit structure, process improvements and change management.

SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. South State Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at mynewextsetup.us

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South State Bank

South State Bank logo.Since South State bank has been offering a variety of financial products to individuals and businesses throughout the Southeast United States. It offers checking and savings accounts, personal and auto loans, home mortgage purchase and refinance loans, as well as investment and wealth management services.

You can contact South State Bank by visiting any branch location, by calling a customer care specialist at , or through the bank&#;s website online.

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Midland Wealth Management is a trade name used by Midland States Bank and its subsidiary Midland Trust Company.

Investment and Insurance Products:

  • NOT FDIC Insured
  • NO Bank Guarantee
  • May Lose Value
  • Not A Deposit
  • Not Insured By Any Federal Government Agency

By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. Please note that this site's privacy policy and security practices may differ from Midland States Bank's. As such, we cannot control, endorse or guarantee any aspect of the use of the linked site, and we assume no responsibility for such use.

By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. Please note that this site's privacy policy and security practices may differ from Midland States Bank's. As such, we cannot control, endorse or guarantee any aspect of the use of the linked site, and we assume no responsibility for such use.

This site is best viewed in Chrome.

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South State Bank

American bank

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, , the company had branches in South Carolina, North Carolina, Georgia, and Virginia.[1]

First National Bank began in Orangeburg, South Carolina in In , the bank changed its name to South Carolina Bank and Trust and moved its headquarters to Columbia, South Carolina. As of , 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 The bank was South Carolina's fourth largest with $1 billion in assets.[3]

On November 30, , 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 , SCBT Financial Corp. announced a merger with First Financial Holdings of Charleston, started in , 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 $ 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 , SCBT Financial became South State Corporation and in June 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 s 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, , South State announced completion of a deal valued at about $ 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, , South State Corp. agreed to acquire Park Sterling Corp. of Charlotte, North Carolina, for $ million.[9] The deal was completed November 30, with signs changed in April South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia.[10]

On June 8, , 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[edit]

  1. ^ ab"South State Corporation Form K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ ab"SCBT-First Financial merger forms S.C.'s fifth-biggest bank". The Times and Democrat. February 21, Retrieved May 22,
  3. ^Dietrich, R. Kevin (June 17, ). "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, Retrieved May 22,
  5. ^Rexrode, Christina (August 7, ). "Scottish Bank Losing Its Brogue". The Charlotte Observer. p.&#;1D.
  6. ^McDermott, John (April 19, ). "Renaming First Federal Bank 'a very detailed process'". The Post and Courier. Retrieved May 17,
  7. ^McDermott, John (August 15, ). "A look at South State deal two years later". The Post and Courier. Retrieved May 18,
  8. ^"South State completes merger with Augusta-based bank company". Columbia Regional Business Report. January 4, Retrieved May 22,
  9. ^Craver, Richard (April 28, ). "Two more N.C. community banks selling to out-of-state regional banks". Winston-Salem Journal. Retrieved April 28,
  10. ^Coates, Jessica (April 27, ). "Park Sterling Bank is now South State Bank". Salisbury Post. Retrieved April 27,
  11. ^Bouffard, Kevin (20 July ). "CenterState completes merger with South State, but changes will take time". The Ledger. Retrieved 27 May

External links[edit]

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CenterState completes merger with South State, but changes will take time


WINTER HAVEN — Polk County is the home of the eighth largest bank in the Southeast U.S. now that CenterState Bank has completed its merger with South State Bank.

But local residents and CenterState customers won’t see the difference until the second quarter of , said Dale Dreyer, regional president for Central Florida at the new bank, which will operate under the South State name.

Although the merger closed officially on June 8, the two banks will need time to merge their computerized management and financial systems, he said. The South State logo won’t replace the CenterState one on building signs and the respective websites until then.

Both banks have gone through the same procedure during past mergers, he said, and the process takes time.

“We’re moving all our data onto a common (computer) core,” Dreyer said. “We’ve done this lots of times, but it’s never easy.”

Currently, a South State customer walking into a CenterState office, or vice versa, could not be served because workers would not have access to that account, he said.

For CenterState customers, it will be worth the wait, Dreyer said, because they can take advantage of South State’s advanced technology, particularly online bankers.

“Locally, our clients will see improved technology, such as internet banking, digital account opening, mobile banking and an enhanced treasury management experience,” Dreyer said in an interview on the Central Florida Development Council website. “Combined, our company can invest more dollars in technology. More customers bank on their phone and tablet and rarely come into a branch. South State has a strong wealth management platform, so we believe this will create opportunities for us to expand our wealth management in our community.”

CenterState and South State announced their “merger of equals” in January, an all-stock merger valued at more than $3 billion. Both banks held roughly the same amount of assets.

When the deal closed, previous CenterState shareholders held 53% of the combined bank, and the headquarters was moved to Winter Haven over South State’s Columbia, South Carolina, base.

But the new bank adopted the South State brand because the name “CenterState” had lost its meaning, Dreyer said. When CenterState was founded in , the bank’s goal was to keep within an area bounded roughly by Gainesville to the north and Okeechobee to the south.

“The name is a little more reflective of the region,” he said. “South State is a better geographic fit.”

The new South Bank has more than branches with more than 1 million customers handling about $26 billion in deposits and $24 billion in loans.

The bank has assets of $34 billion, and its footprint includes 10 of the top 15 most populous markets in those states, including Orlando, Jacksonville, Miami and Tampa in Florida; Raleigh and Charlotte in North Carolina; Atlanta, Georgia; and Greenville, South Carolina.

The merger came about because both banks will gain efficiencies of scale in a larger entity, Dreyer said.

“This gives us more money to invest in technology,” he said. “Banks are going to need scale in order to be really profitable and compete with larger banks.”

Scale means the new South State can spread various standard costs over a larger customer base, James Parrino, a University of Florida finance professor told The Ledger in February after announcement of the merger.

“It’s pretty hard for a community bank to spread that cost over 5, customers versus 10 million customers for a large bank,” Parrino said.

Improved technology is particularly important because customers, who had already been moving to online banking, are increasingly turning to banking through smart phones, tablets and computers because of COVID, Dreyer said.

CenterState closed its branch lobbies in March in response to the pandemic, but it continues to serve customers through drive through lanes as well as online, he said.

Among the improved technologies coming to CenterState customers are a better treasury management system, which gives commercial customers a single platform to coordinate checking, loans, deposits and other services, Dreyer said. Currently customers have to switch among separate platforms to monitor accounts.

All customers will see a better mobile banking app — “more sophisticated, robust and with more functionality,” he said.

Another major efficiency will come through spreading compliance costs over a larger customer base, Dreyer said. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed after the Great Recession to address some of the financial causes of the crash, has greatly increased the time and expense of regulatory compliance.

The new South State has set a target of $85 million in annual savings as a result of the merger once all systems are fully integrated, he said.

Despite its larger size, the new South Bank will continue to run on a community bank model, Dreyer said.

“Our ability to take care of our customers in a local market will stay the same,” he said. “We have big bank capabilities with a local delivery model.”

Sean Malott, president and CEO of the Central Florida Development Council, said keeping the bank’s headquarters local burnishes Polk’s business credibility.

"It’s one of only a handful of publicly traded companies headquartered in Polk County and the region,” Malott said. “In our community, CenterState is an important employer and corporate partner to many organizations. We appreciate that the bank will continue to call Polk County home and welcome the new combined company as South State Bank.”

South State bank’s stock, traded on Nasdaq, has plummeted from $ on Jan. 3, before the merger announcement, to $ at the closing of trading Friday.

But that reflects more the battering that all banking stocks have taken under COVID rather than the market’s judgment on the merger, Dreyer and Parrino agreed.

The spread between interest banks pay to depositors and the interest rates on loans has become very slim, reducing bank income, Dreyer said.

“That’s an environment where banks don’t make much money,” he said.

A more important factor driving down stock prices for all banks is the uncertainty over expected losses as COVID affects employment and the economy, Parrino said.

“The biggest concern for all banks is the uncertainty over what their loan losses will be. Everybody is keeping an eye on mortgages; everybody is keeping an eye on auto loans,” he said.

Right now those loans have held up largely because of the massive federal stimulus into the economy since COVID, Parrino said. It remains to be seen whether they will hold up if no further stimulus is forthcoming.

Also investors are waiting for the new South State to issue its first quarterly financial report as a merged bank, he said.

“It’s way too soon to look at whether or not the merger was a good one,” Parrino said.

Kevin Bouffard can be reached at [email protected] or at

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Источник: mynewextsetup.us

SouthState Corporation and Atlantic Capital Bancshares Announce Merger Agreement

WINTER HAVEN, Fla. and ATLANTA, July 23, (GLOBE NEWSWIRE) -- SouthState Corporation (NASDAQ: SSB) (“SouthState” or the “Company”) and Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (“Atlantic Capital”) jointly announced today the signing of a definitive agreement pursuant to which Atlantic Capital will merge with and into SouthState in an all-stock transaction with an aggregate value of approximately $ million, or $ per share of Atlantic Capital common stock.

Atlantic Capital, based in Atlanta, Georgia, has approximately $ billion in total assets, $ billion in total deposits, and $ billion in total loans as of June 30, , and operates one branch in the Atlanta metro area and one branch in Athens, Georgia. This merger will enhance SouthState’s scale and improve market density in the attractive Atlanta market. SouthState will have top ten deposit market share in the Atlanta MSA, with approximately $5 billion in pro forma deposits. Upon merger completion, the combined company will have pro forma total assets of $44 billion, deposits of $36 billion, gross loans of $26 billion, and a market capitalization of approximately $ billion.  

"We are pleased to announce this partnership with Doug and his team at Atlantic Capital. Atlanta is a strategically important market for us, and this attractive, in-market transaction significantly expands our market share in one of the fastest growing cities in the country,” said John C. Corbett, Chief Executive Officer of SouthState. “Additionally, Atlantic Capital provides a high-growth Fintech and Payments platform and a seasoned team of Atlanta bankers with a proven record of success.”

Douglas L. Williams, President and CEO of Atlantic Capital, said, ”This partnership with SouthState enhances our purpose to fuel prosperity for our shareholders, clients, and teammates. SouthState’s larger capital base and broader range of capabilities will strengthen our client relationships and expand our new business opportunities. Our companies are tightly aligned culturally; we operate on the same core banking and treasury management platforms, and our credit and risk management philosophies and processes are similar.”

Subject to the terms of the merger agreement, Atlantic Capital shareholders will receive shares of SouthState common stock for each outstanding share of Atlantic Capital common stock.  Based on SouthState’s stock price of $ as of July 22, , this equates to a per share value of $ and an aggregate transaction value of $ million. Additionally, two Atlantic Capital directors will join both the Company board and the SouthState Bank board.

The transaction is expected to result in 3% EPS accretion on a fully phased in basis and minimal tangible book value dilution, which is expected to be earned back in two years.

The merger agreement has been unanimously approved by the board of directors of Atlantic Capital and SouthState.  Completion of the merger is subject to customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of Atlantic Capital.  The transaction is expected to close in the first quarter of     

Raymond James & Associates, Inc. served as exclusive financial advisor and Davis Polk & Wardwell LLP served as legal counsel to SouthState in the transaction.  J.P. Morgan Securities LLC served as exclusive financial advisor and Sullivan & Cromwell LLP and Troutman Pepper Hamilton Sanders LLP served as legal counsel to Atlantic Capital in the transaction.

Joint Investor Conference Call

SouthState and Atlantic Capital will host a conference call to discuss the transaction and second quarter earnings results at a.m. Eastern Time today. To listen to the live call, please dial within the U.S. and for all other locations and enter the participant code The live webcast, along with the related presentation, will be available on the Investor Relations section of each company’s website at mynewextsetup.us and mynewextsetup.us  An audio replay is expected to be available the evening of July 23, To access the replay, dial and use conference number International callers should dial and enter the same conference number.

As a result of today's merger announcement, both companies have cancelled their previously scheduled second quarter earnings conference calls.

About SouthState Corporation

SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the Company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at mynewextsetup.us

Media Contact
Jackie Smith,

About Atlantic Capital Bancshares, Inc.

Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) with assets of $ billion, is a publicly-traded bank holding company headquartered in Atlanta, Georgia. Atlantic Capital is a and Best Places to Work and Best Banks to Work For recipient. Atlantic Capital offers commercial and not-for-profit banking services, specialty corporate financial services, private banking services and commercial real estate finance solutions to privately held companies and individuals in the Atlanta area, as well as specialized financial services for select clients nationally.

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Ashley Carson,
Patrick Oakes,

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, 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 and Section 21E of the Securities Exchange Act of These statements include, but are not limited to, statements about the benefits of the proposed merger of SouthState and Atlantic Capital, including future financial and operating results (including the anticipated impact of the transaction on SouthState’s and Atlantic Capital’s respective earnings and tangible book value), statements related to the expected timing of the completion of the merger, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,” “expects,” “believes,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of SouthState or Atlantic Capital to differ materially from any results expressed or implied by such forward-looking statements.

Additional factors which could affect future results of SouthState and Atlantic Capital can be found in SouthState’s Annual Report on Form K, Quarterly Reports on Form Q, and Current Reports on Form 8-K, and Atlantic Capital’s Annual Report on Form K, Quarterly Reports on Form Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at mynewextsetup.us SouthState and Atlantic Capital disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, 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.

Important Information About the Merger and Where to Find It

SouthState intends to file a registration statement on Form S-4 with the SEC to register the shares of SouthState’s common stock that will be issued to Atlantic Capital’s shareholders in connection with the transaction. The registration statement will include a proxy statement of Atlantic Capital that also constitutes a prospectus of SouthState. The definitive proxy statement/prospectus will be sent to the shareholders of Atlantic Capital in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by SouthState or Atlantic Capital through the website maintained by the SEC at mynewextsetup.us or by contacting the investor relations department of South State or Atlantic Capital at:

South State CorporationAtlantic Capital Bancshares, Inc.
First Street South East Paces Ferry Road NE
Winter Haven, Florida Atlanta, Georgia
Attention: Investor RelationsAttention: Investor Relations
() ()


Before making any voting or investment decision, investors and security holders of SouthState and Atlantic Capital are urged to read carefully the entire registration statement and proxy statement/prospectus when they become available, including any amendments thereto, because they will contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

Participants in the Solicitation

SouthState, Atlantic Capital, and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of SouthState can be found in SouthState's definitive proxy statement in connection with its annual meeting of shareholders, as filed with the SEC on March 8, , and other documents subsequently filed by SouthState with the SEC. Information about the directors and executive officers of Atlantic Capital can be found in Atlantic Capital's definitive proxy statement in connection with its annual meeting of shareholders, as filed with the SEC on April 9, , and other documents subsequently filed by Atlantic Capital with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the transaction when they become available.


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WINTER HAVEN, Fla., Dec. 17, /PRNewswire/ -- SouthState Bank today announced the addition of a Jacksonville-based Middle Market Banking team, as well as the expansion of its Commercial banking talent across the company's six-state footprint.

SouthState logo

"The SouthState and CenterState Bank merger of equals created a leading regional bank in the Southeast," said Mark Thompson, president, Southern Banking Group. "Having a team of experienced Middle Market bankers based in Jacksonville, the largest city in Florida and in the Southeastern U.S., enables us to deliver top-tier products and services to meet the unique needs of commercial middle market companies."

"As the eighth largest bank headquartered in the Southeast, with more than $38 billion in assets and a presence in 10 of the 15 top Southeast growth markets, SouthState continues to attract top talent," said Greg Lapointe, chief banking officer. "We are incredibly pleased to continue to grow our Commercial Bank through the addition of these bankers, as we expand our capabilities to meet the needs of our growing commercial customer base."

The Jacksonville-based Middle Market team includes David Mann and Mike Butler.

David Mann is named director of Middle Market banking for the Southern Banking Group, bringing more than 30 years of experience in roles of increasing responsibility at SunTrust Bank. Most recently, Mann served as the national/regional CRE banking executive at SunTrust. He has held executive regional leadership roles and strategic growth roles and has extensive market experience in Florida and the Southeast.

Mike Butler is a year veteran banker who most recently served as managing director of the middle market business in Jacksonville for mynewextsetup.us Chase Bank. He also spent more than 20 years with SunTrust Bank where he was the commercial line of business manager for the state of Florida and also served as the chief credit officer for the Commercial Bank for the state of Florida. In addition, Mike served as the regional executive in East Tennessee for more than eight years.

To serve the needs of the wide variety of commercial customers SouthState supports across Florida, Alabama, Georgia, the Carolinas and Virginia, the bank has added the following Commercial Bank team members:

Dane Brantley, commercial banker – Charlotte, North Carolina, brings nearly a decade of experience in the business banking segment of Wells Fargo to his role of commercial banker. Prior to working for Wells Fargo, Brantley was a credit analyst at Fifth Third Bank.

Janet Brown,commercial banker – Fort Mill, South Carolina, brings more than two decades of experience in commercial banking to her position, including having worked for Fidelity Bank, SunTrust Bank, RBC Centura, and General Electric Capital – Small Business Finance. Brown has a wealth of experience in owner-occupied and commercial real estate, as well as business expansion, equipment finance and Small Business Administration loans.

Tim Duffee, commercial banker – Richmond, Virginia, brings more than two decades of experience in a variety of banking roles, most recently having served as market president in Richmond for First Community Bank. Duffee also served as commercial relationship manager for SunTrust Bank in Richmond. Duffee shares his knowledge with others as an adjunct professor at his alma mater, the University of Richmond, and he is very active in his community, serving in roles focused on education and emerging leaders with the Virginia Bankers Association.

Michelle Gaillard, commercial banker – Anderson, South Carolina, has held positions of increasing responsibility at some of the nation's leading banking institutions, including Wells Fargo and SunTrust Bank. Most recently, she was a principle relationship manager with Wells Fargo. Gaillard is focused on building relationships and delivering excellent service to her commercial customers, which is what makes her an invaluable asset to their team.

Justin Lake, commercial banker – Savannah, Georgia, has extensive commercial and treasury experience, having held positions in treasury sales at SunTrust Bank, and commercial relationship management and treasury with Cadence Bank. For more than a decade, Lake has delivered customized financial solutions to business clients to maximize their cash flow and working capital needs in order to promote growth.

Charlie Sherrill, commercial market leader – Pensacola, Florida, comes to the role from SunTrust Bank where he was a commercial relationship manager focused on partnering with commercial and industrial (C&I) businesses to provide advisory-based solutions for capital needs and liquidity management. During his time at SunTrust, he supported Small Business Administration clients, as well as capital markets, treasury management and investment banking mergers and acquisitions (M&A). He worked for Hancock Bank for seven years in roles ranging from credit analyst to portfolio manager to commercial banker.

Jonathan Weathers, commercial team leader – Charlotte, North Carolina, brings 15 years of banking experience, most recently as a business services team leader with Truist. Weathers specializes in building relationships with commercial and middle market clients and assisting them with cash flow and budget analysis, credit structure, process improvements and change management.

SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. South State Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at mynewextsetup.us

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