South State Bank is merging with Florida-based CenterState Bank in a $6 billion deal, the companies just announced.
The combined company will operate under the South State Bank name, with headquarters in Winter Haven, Florida, although the company will continue to hold a significant presence in Columbia and Charleston, South Carolina; Charlotte, North Carolina; and Atlanta, Georgia.
The merger brings the new South State Bank’s assets up to approximately $34 billion, with $26 billion in deposits.
South State CEO Robert R. Hill will now serve as executive chairman of the combined company, with CenterState CEO John C. Corbett coming on as the new overall CEO.
“We have great respect for John, the management team and the company CenterState has built,” Hill said. “This is a great combination of cultures.”
South State currently has four locations in Greenville, on E. Broad Street, E. Antrim Drive, Butler Road and Pelham Road, as well as a spot on Hood Road in Powdersville and one on Five Forks Road in Simpsonville.