SouthState Issues 2021 Corporate Social Responsibility (CSR) Report

Rhea-AI Summary

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.

Positive

• Awarded $3.6 million in grants to 1,054 organizations in 2020.
• Logged 5,000 volunteer hours, benefiting over 385 organizations.
• Invested $16 million in low-income housing tax credits for affordable housing.
• Extended $576 million in community development loans.
• Provided $75,000 in financial assistance to employees through the Sunshine Fund.
• Recognized as a top workplace in multiple states.

Negative

• None.

WINTER HAVEN, Fla., Aug. 4, 2021 /PRNewswire/ -- SouthState Bank today announced the release of its initial Corporate Social Responsibility (CSR) report, highlighting the company's commitment to its communities, our colleagues, corporate stewardship and the environment.

"Being a good steward is the bedrock on which we build our corporate culture and communicate our core values," said LeDon Jones, director of Corporate Stewardship. "We are proud to be a leading regional bank in the fastest growing region of the country – the Southeast. Even as our geographic footprint grows, we're committed to doing everything we can to help our customers and the local economy thrive. That means playing an active role in community life, always operating with integrity, and finding new ways to invest in and give back to our communities, now and in the future."

Highlights of the 2021 CSR report include:

Commitment to Community:

• In 2020, SouthState awarded 1,054 organizations grants and contributions, totaling $3.6 million.
• SouthState team members logged 5,000 volunteer hours benefitting more than 385 different organizations.
• The company invested $16 million in low-income housing tax credits for affordable housing.
• SouthState extended $576 million in community development loans.

Commitment to Colleagues:

• SouthState provided $75,000 in financial assistance to its team members through the Sunshine Fund, a 501(c)(3) organization funded by Company and employee contributions, which are used to assist employees with unexpected financial hardships.
• The company continued creating diverse talent pipelines through internship and management training programs.
• The company was recognized for its commitment to its colleagues by being named a 2020 Best Place to Work in North Carolina and South Carolina, as well as being named a Top Workplace by The Atlanta Journal Constitution, the Sun Sentinel and the Orlando Sentinel.

Commitment to Effective Governance:

• All SouthState directors, officers and employees are responsible for maintaining the highest ethical standards in conducting business.
• The company has a board-level Culture Committee that focuses on human capital management and diversity and inclusion, and the Governance and Nominating Committee has responsibility for the company's environmental, social and governance (ESG) initiatives. 

Commitment to Environmental Resourcefulness:

• SouthState's ongoing investment in technology enables customers and team members to access digital solutions for their needs, allowing a reduction in paper usage and the need to travel to banking offices for routine needs. In 2020:
• Customers completed 26 percent of deposits through digital channels.
• 20 percent of Consumer checking accounts were opened online.
• 40 percent of deposit account statements were delivered electronically.
• Mobile and video conferencing capabilities reduced need to travel.

SouthState's CSR report and more information are available on the bank's Corporate Stewardship page.

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 SouthStateBank.com.

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SOURCE South State Bank N.A.

FAQ

What does SouthState's 2021 CSR report highlight?

The 2021 CSR report emphasizes SouthState's commitments to community support, colleague welfare, governance, and environmental initiatives.

How much did SouthState Bank contribute to community grants in 2020?

In 2020, SouthState Bank awarded $3.6 million in grants and contributions to 1,054 organizations.

What recognition has SouthState Bank received for workplace culture?

SouthState Bank was named a top workplace in North Carolina, South Carolina, and by various regional publications.

How has SouthState Bank invested in affordable housing?

The bank invested $16 million in low-income housing tax credits to promote affordable housing.

What financial assistance programs does SouthState have for employees?

SouthState provided $75,000 in financial assistance to employees through the Sunshine Fund for unexpected hardships.