south state bank merger history
South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia. [5][6] On August 13, the bank held its initial public offering, expected to raise $150 million. [5], In 2013, SCBT Financial Corp. announced a merger with First Financial Holdings of Charleston, started in 1934, which had 66 Carolinas locations and was the third-largest financial institution with headquarters in South Carolina. Partial Overlap: Goodwill Generated ($ 000) 227,659: Estimated Cost Savings (%) 30.00: Estimated Cost Savings ($ 000) 38,346: Est. South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia. [4] The five locations changed their names to North Carolina Bank and Trust, or NCBT. 4. [6] The merger added coastal South Carolina branches to the Midlands and Upstate and gave the bank $8 billion in assets. In 2014, SCBT Financial became South State Corporation and in June 2014 SCBT became South State Bank and First Federal did the same in July. Basic Info Reviews History Routing Numbers Locations. 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 in South Carolina, North Carolina, Georgia, and Virginia. [14] Citizens South also bought two failed north Georgia banks in deals made with the Federal Deposit Insurance Corporation. of Glen Allen, Virginia, a deal valued at $82.5 million. Bank of Madura merger with ICICI Bank – Bank of Madura was merged with the ICICI Bank in 2001. The bank started in 1933 as the Rural Bank of NSW, which was a bank that primarily lent to and dealt with farmers.In 1982 the bank's name was changed to the State Bank of NSW and so was its mandate, to … The bank was South Carolina's fourth largest with $1 billion in assets. New CEO Jim Cherry, formerly of Wachovia, later said the bank planned to have assets of $8 to $10 billion, with branches in the Carolinas and Virginia. It has $14.5 billion in assets. Bank & Thrift Branch Deals. History Early history. This would give the bank $600 million in assets, making it the second-largest bank based in Charlotte. South State Corp. exchanged 0.14 shares of its common stock for each of the outstanding share of Park Sterling Corp. South State Corp. also assumed obligations of a … Indian Bank: Park Sterling Bank began with $45 million in capital in October 2006, one of several community banks in Charlotte, North Carolina. Bryan Kennedy, formerly of Regions Financial Corporation, was chairman. [3][4], On August 2, 2010, Park Sterling announced federal approval for the bank's plan to buy troubled, but not failed, banks with $300 million to $2 billion in assets, and to open new branches. [8], On April 27, 2017, South State Corp. agreed to acquire Park Sterling Corp. of Charlotte, North Carolina, for $690.8 million. 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. Community Capital's 18 South Carolina branches, which would continue using the Capital Bank name, would give Park Sterling a total of 21 branches. 1992-02-21: Institution established: Original name:First National Bank of Polk County: 2000-06-30: Reorganized. Citizens South began as Gastonia Mutual Building and Loan Association in 1904[8] and was "Gaston County's oldest community bank". South State Bank, History. [6], On March 31, 2011, Park Sterling Corp. announced its first acquisition, Community Capital Corp. of Greenwood, South Carolina, in a deal worth $32.4 million. South State Corp. has exchanged 0.7307 shares of its common stock for each outstanding share of Southeastern Bank Financial Corp. South State Corp. also assumed Southeastern Bank Financial Corp.’s Trust preferred securities. [8], On May 14, 2012, Park Sterling Corp. announced it was buying Citizens South Banking Corp. of Gastonia, North Carolina in a deal valued at $77.4 million. [10], On July 16, 2001, the purchase of Salisbury, North Carolina-based CitizensBank was announced. Description of Consideration CenterState Bank Corp. merged with South State Corp. in a merger of equal transaction, whereby South State Corp. issued 0.3001 share of its common stock for each outstanding common stock of CenterState Bank Corp. South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia, for a total of 165. Business data for South State Corporation: This page was last edited on 25 September 2020, at 16:40. Park Sterling Bank, whose parent company was Park Sterling Corp. (NASDAQ: PSTB), was a bank based in Charlotte, North Carolina. SCBT president and CEO Robert R. Hill Jr. would remain as CEO, and chair Robert R. Horger would be chair. [7], On January 4, 2017, South State announced completion of a deal valued at about $335 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. CenterState Bank Corp. merged with South State Corp. in a merger of equal transaction, whereby South State Corp. issued 0.3001 share of its common stock for each outstanding common stock of CenterState Bank Corp. In 2014, SCBT Financial became South State Corporation and in June 2014 SCBT became South State Bank and First Federal did the same in July. [2] SCBT added offices in the Greenville, South Carolina area as well. [9] Because of its policy of only lending locally, the bank was the only financial institution in Gaston County, North Carolina to survive The Great Depression. Institution established: Original name:First National Bank of Polk County, Changed name to CenterState Bank of Florida, National Association, Acquired Community National Bank at Bartow (, Acquired CENTERSTATE BANK, NATIONAL ASSOCIATION (, Acquired Centerstate Bank Central Florida, National Association (, Acquired First Guaranty Bank and Trust Company of Jacksonville (, Acquired Community Bank of Florida, Inc. (, Acquired 1st National Bank of South Florida (, Acquired Gateway Bank of Southwest Florida (, Acquired Gateway Bank of Central Florida (, Changed name to CenterState Bank, National Association, Changed name to South State Bank, National Association. [9] The deal was completed November 30, 2017 with signs changed in April 2018. The $38 million deal gave Gaston Bancorp $470 million in assets and added three branches for a total of nine. No: Geographic Expansion? [8][18], On May 1, 2014, Park Sterling completed a $6.5 million deal with Provident Community Bank of Rock Hill, 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. Bank & Thrift Branch Deals . [8] The parent company became Gaston Bancorp. [3], On November 30, 2007, 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. 15. ICICI merger with ICICI Bank – Financial Services firm ICICI merged with ICICI Bank in 2001. As of 2013, 240 people still worked in Orangeburg. [1], First National Bank began in Orangeburg, South Carolina in 1933. [8] In 2010, taking over Bank of Hiawassee (which also operated as Bank of Blairsville and Bank of Blue Ridge) added $294 million in assets, for a total of $1.1 billion, and five branches for a total of 21 locations. The government will provide Rs 11,700 crore to Union Bank for the merger process. [2] SCBT added offices in the Greenville, South Carolina area as well. Citizens and Southern National Bank (C&S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. 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. The following are a list of major historical events for South State Bank, including mergers and acquisitions. Buyer Industry Type Announce Date Status Number of Branches All Branch States 14. In-State Transaction? [16], The Citizens South deal gave Park Sterling $2.2 billion in assets, $1.7 billion in deposits, and 45 branches. Following Westpac's merger with St.George in 2008, BankSA became a division of Westpac Banking Corporation. South State Bank does not provide, and is not responsible for, the products, services, overall content, security or privacy policies on any extenal third-party site, … Headquartered in Atlanta, Georgia; it was the largest bank in the Southeast for much of the 20th century.C&S merged with Sovran Bank in 1990 to form C&S/Sovran in hopes of fending off a hostile takeover attempt by NCNB Corporation.

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