Welcome to our dedicated page for SouthState Corporation news (Ticker: SSB), a resource for investors and traders seeking the latest updates and insights on SouthState Corporation stock.
SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. Established in 1934, SouthState has grown from a small community bank to one of the leading regional banks in the Southeastern United States. The company operates through its wholly-owned bank subsidiary, SouthState Bank, N.A., providing a comprehensive range of banking products and services.
SouthState Bank offers retail and commercial banking services, mortgage lending, trust and investment services, and consumer finance loans. These services are provided through a network of financial centers across Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. The Bank's offerings include demand, time, and savings deposits, lending and credit card services, ATM processing, and wealth management.
Committed to innovation, SouthState recently expanded its Payments Technology and Private Capital Solutions teams. Notable additions include David Rauch, Michael Fulton, Brittany Styron, and Garrett Nagy, who bring decades of industry expertise to the company.
SouthState continues to grow and adapt, as seen in their announcement to transfer stock listing from the Nasdaq Global Select Market to the New York Stock Exchange on December 19, 2023. This move aims to align with NYSE’s tradition of listing industry-leading companies, enhancing visibility and investor reach.
In terms of financial performance, SouthState reported a 7% loan growth for the year ending December 31, 2023, reflecting resilience and strategic positioning in fast-growing states like Florida. The company remains cautious of rate increases but sees significant opportunities ahead.
In a major development, SouthState announced the acquisition of Independent Bank Group, Inc. Based in McKinney, Texas, this $2 billion all-stock transaction will expand SouthState’s footprint to 12 of the 15 fastest-growing metropolitan statistical areas in the U.S., adding significant assets, deposits, and loans. This strategic acquisition will bolster SouthState's market position and operational capabilities.
SouthState is deeply rooted in its founding principles of valuing personal relationships over financial transactions, active community involvement, and a family-like employee culture. The company’s ongoing initiatives to attract top talent and provide advanced solutions position it as a robust financial institution dedicated to serving its diverse client base.
To stay updated on SouthState's latest news and financial performance, visit SouthStateBank.com.
SouthState Bank has enhanced its Commercial Banking team by adding nine seasoned bankers with expertise in commercial lending, particularly in middle market banking and commercial real estate. The new hires include industry veterans from prominent banks, such as JPMorgan Chase and Truist, indicating SouthState's commitment to expanding its market influence in the Southeast. Chief Banking Officer Greg Lapointe emphasized the bank's goal of attracting top talent to foster growth. The additions are expected to strengthen SouthState's client relationships across various regions.
SouthState Bank has released its inaugural 2021 Corporate Social Responsibility (CSR) report, emphasizing commitments to communities, colleagues, governance, and environmental sustainability. Key highlights include $3.6 million in grants to 1,054 organizations, 5,000 volunteer hours logged, and $16 million invested in affordable housing. The bank extended $576 million in community development loans and provided $75,000 in emergency financial assistance to staff. Recognized as a top workplace, SouthState is actively engaging in eco-friendly practices by promoting digital banking solutions to reduce paper use.
SouthState Corporation (SSB) reported its financial results for Q2 2021, showing diluted earnings per share (EPS) of $1.39, a decrease from $2.06 in Q1 2021 but an improvement over a loss of ($1.96) a year ago. Adjusted EPS was $1.87, down from $2.17 in Q1 2021. Key metrics included a negative provision for credit losses of $58.8 million and an increase in core net interest income by $1.4 million. Total deposits rose to $33.24 billion, growing by $801 million. The company also announced a merger agreement with Atlantic Capital Bancshares on the same day.
SouthState Corporation (SSB) and Atlantic Capital Bancshares (ACBI) announced a merger agreement valued at approximately $542 million, equating to $26.43 per share of Atlantic Capital. The merger aims to enhance SouthState's presence in the Atlanta market, increasing its pro forma deposits to $5 billion. The combined entity will have total assets of $44 billion, with anticipated 3% EPS accretion. The transaction is set to close in Q1 2022, pending regulatory approvals and shareholder consent.
SouthState has been recognized in Forbes' "Best-in-State Banks" list, ranking No. 1 in Florida, No. 2 in Georgia, and No. 3 in South Carolina. This marks the bank's consistent presence in South Carolina and the second consecutive year for Georgia. Notably, SouthState is among only five banks nationally to achieve rankings in three states. The accolade is based on a survey of over 25,000 customers across trust, services, and overall satisfaction. SouthState aims to maintain its reputation as a trusted financial advisor to over one million customers.
SouthState Bank has strengthened its Commercial and Business Banking team by recruiting seven seasoned bankers, aiming to enhance its service capacity to high-growth markets across its six-state footprint. The initiative reflects SouthState's commitment to support the expanding business sector, with the new hires bringing extensive experience from renowned banking institutions. Notable additions include Greg Alt, Jeff Gilstrap, and others, each contributing a rich background in relationship banking and commercial finance. This strategic move aligns with the bank's growth strategy in the Southeast region.
SouthState Corporation (NASDAQ: SSB) reported a consolidated net income of $2.06 per diluted share for Q1 2021, up from $1.21 in Q4 2020 and $0.71 in Q1 2020. Adjusted net income was $2.17 per diluted share, excluding $7.8 million of merger-related costs. Key metrics include a negative provision for credit losses of $58.4 million and a return on average tangible common equity of 21.2%. The company declared a cash dividend of $0.47 per share, payable May 21, 2021, to shareholders recorded by May 14, 2021.
SouthState Bank has announced the recruitment of 10 experienced professionals in commercial banking and treasury management to enhance its expansion in key Southeastern markets. With a solid presence in several of the fastest-growing U.S. cities, the bank aims to leverage its strong balance sheet and asset quality. The new hires bring extensive backgrounds from leading financial institutions, positioned to boost client acquisition and operational efficiency in targeted regions along the I-85 and I-4 corridors.
SouthState Corporation (NASDAQ: SSB) reported fourth-quarter 2020 financial results showing consolidated net income of $1.21 per diluted share, down from $1.45 a year prior. Adjusted net income was $1.44 per diluted share, reflecting significant charges, including $38.8 million in swap terminations. The bank incurred $38.8 million in merger-related expenses, despite a tax benefit of $31.5 million from the CARES Act. Total deposits rose by $723.9 million to $30.7 billion. A cash dividend of $0.47 per share was declared, payable on February 19, 2021.
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