South State Corporation has entered into an agreement to purchase 12 South Carolina branch locations and one Georgia branch location from Bank of America.
The acquired branches are located in Florence, Greenwood, Orangeburg, Sumter, Newberry, Batesburg-Leesville, Abbeville and Hartsville, S.C., as well as Hartwell, Ga.
South State anticipates assuming approximately $580 million in deposits and purchasing approximately $3 million in loans from the acquisition. Pending regulatory approval, the closing is scheduled to occur in the third quarter. South State will hire all current employees at each of the acquired branches.
“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 CEO Robert Hill Jr. “We look forward to growing and investing in these communities and to welcoming these customers and employees to South State.”
