south state bank closing

You have permission to edit this article. For all of 2018, net income more than doubled to $179 million. "I don't see this as a gain but hopefully through attrition we will limit the number of folks who will be displaced.". Parking at both its current 950 John Calhoun Drive and 1255 St. Matthews Road branches will also increase, McConnell said. Pleasant (Walmart). Profits for the fourth quarter soared by more than $46 million to $49 million, largely because a onetime tax-related expanse dented its bottom line a year earlier. The 5 S.C. bank branches that South State is closing: Source: Office of the Comptroller of the Currency. Currently, there are 15 South State ATMs. The South State name will remain on the branches, the stock and the holding company. South State Bank’s presence in Orangeburg includes the call center. South State Bank is closing two of its Orangeburg locations as part of a larger consolidation following the company’s purchase of some Bank of America branches. Charleston, SC 29403, News tips/online questions: newstips@postandcourier.com, Delivery/subscription questions: subserve@postandcourier.com. 81 N., Anderson; 198 Jacobs Hwy… Winds NE at 5 to 10 mph. The bank previously had identified post-merger expenses of about $80 million that it planned to cut by 2022. After the consolidation and closings, the city will have 11. South State Corp. will further prune its brick-and-mortar network to trim its cost structure by shuttering 11 branches and two drive-thrus in 2019 for a nearly 8 percent reduction. Upon completion of the branch closures and consolidation effort, South State Bank will have two full branches in Orangeburg, a drive-thru branch and three standalone ATM sites. The Columbia-based bank's cost-saving plan was announced as it reported a sharp jump in 2018 earnings. South State is adding a drive-thru window and automated teller machines at its 1255 St. Matthews Road branch, as well as an ATM in the bank's lobby, said Gene McConnell, Orangeburg regional president for South State Bank. Low 66F. Columbia-based South State Corp. and CenterState Bank Corp. of Florida announced they will consolidate in a stock swap valued at $6 billion. Advocates fear more will follow. Check out Zaleski on Twitter at @ZaleskiTD. "We are also looking at 950 John C. Calhoun Drive to see if we need to add ATMs," McConnell said. "We are committed to assisting our team members affected by these consolidations and will be working to place as many as possible in other roles within the company," the bank said in a written statement Tuesday. File/John McDermott/Staff. Bank officials say the branch primarily handled check cashing and depositing services, which will still be handled by the drive-thru services. It moved its headquarters that same day from Gervais Street in downtown Columbia to Polk County in central Florida, between Orlando and Tampa. Recently merged South State Bank to close 5 SC branches, By John McDermott McConnell said the purchase of the Bank of America branches has been positive. “Significant steps were made in building upon the soundness of the bank and profitability metrics continue to be very good," he said. SC firm orders millions of surgical gloves that never arrived. then {{format_dollars}}{{start_price}}{{format_cents}} per month. Low 66F. Get up-to-the-minute news sent straight to your device. South State employs about 200 in Orangeburg alone. Charleston, SC 29403, News tips/online questions: newstips@postandcourier.com, Delivery/subscription questions: subserve@postandcourier.com. It plans to locate there this summer. Last year, for example, South State mothballed 14 branches, bringing its total to 167, while also reducing nearly 120 full-time jobs, he said. The annual cost savings for the bank is expected to be $3 million. The Bank of America transaction was a part of a larger purchase that allowed South State Bank entry into six new markets and three existing markets. Sullivan's Island home fetches record $8.2 million in seaside town near Charleston, Nikki Haley 2024 timetable could hinge on Tuesday's White House outcome, Pop-up holiday bar returns to Mount Pleasant with festive cocktails and decor, Biden made gains in SC cities, suburbs, but rural voters handed Trump a big victory, Harrison dominated mail-in votes, but on Election Day Republicans gave Graham the win, Dorchester County vote totals affirm Nancy Mace victory over Joe Cunningham, Joe Cunningham concedes SC's 1st District race to Nancy Mace 3 days after her upset win, 199 Habersham County Shopping Center, Cornelia, 3400 Rivers Ave., North Charleston (drive-thru location), 1960 Trolley Road, Summerville (drive-thru location). Now, $5.2M is missing. South State Bank will close its Abbeville branch May 11, according to Foothills Regional President Jimmy Lindsey. Your membership makes our reporting possible. He added that the bulk of the reductions will materialize in the second half of next year, after all accounts are moved to a single back-office technology system. Sullivan's Island home fetches record $8.2 million in seaside town near Charleston. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}. There was a problem saving your notification. South State Bank plans to close this branch at 761 John C. Calhoun Drive and one at 1325 St. Matthews Road later this year. We are very satisfied with the conversion and with our new customers.". Now, $5.2M is missing. Recount required in Orangeburg County school board race, Orangeburg law firm buys ex-Bank of America branch, Election 2020: Waiting for results and lawsuits filed. Customers of the peninsula office across from the Medical University of South Carolina were recently notified that their accounts will be moved to South State's uptown location on Rutledge Avenue on Nov. 3. SC firm orders millions of surgical gloves that never arrived. South State Bank, previously CenterState Bank Corp., will be closing 19 branches across its footprint, including one in Metro Orlando. The South State Bank parent estimated the closings would eliminate about 50 full-time jobs in the Carolinas and Georgia and save it about $2.5 million a year. Closing list. Find the latest South State Corporation (SSB) stock quote, history, news and other vital information to help you with your stock trading and investing. "From an operational standpoint, it went great. In addition to Orangeburg, South State acquired Bank of America branches in Florence, Greenwood, Sumter, Newberry, Batesburg-Leesville, Abbeville and Hartsville, as well as Hartwell, Georgia. The company also sees a chance to wrest some business away as a result of the pending BB&T-SunTrust marriage. McConnell said as a result of the closings, a “handful of employees will be displaced.”, "This is a moving number," he said. Pleasant (Walmart) 2123 Hwy. Advocates fear more will follow. “So I think branch rationalization is just kind of part of something we've got to stay focused on,” he said during a recent earnings call with financial analysts. All but one of the offices will be shut down by June 30 and consolidated into the next-closest location. jmcdermott@postandcourier.com, Charleston restaurateur says naming Election Day burger for Trump comments was 'a mistake'. The spending target for 2019 calls for an increase of no more than 3 percent — preferably less. Along with the buildings, many of Bank of America’s local customers were switched to South State. Get up-to-the-minute news sent straight to your device. Chance of rain 80%.. Closing … Winds NE at 5 to 10 mph. It expects to add jobs in its newer markets, namely the Charlotte, Raleigh and Richmond areas. Ten South State offices in the area were mothballed during that period. Most are within 10 miles of another company-run branch. “Our goal is to have success in all three of the primary objectives in 2019, while building a franchise that is deep and dense in great markets,” he said. "Right now we don't have any plans to add additional ATMs there.". The bank's last major local branch closing rounds were announced in 2014 and 2015. Get up-to-the-minute news sent straight to your device. Before the deal closed, South State stressed that it expected to maintain a "significant presence" in its major markets in Atlanta and the Carolinas, including the Charleston region, where more than 800 of its employees are based. "It was a good opportunity to get into cities where we were not represented," McConnell said. South State Corp. finalized its $2.3 billion tie-up with the parent of CenterState Bank of Winter Haven, Fla., on June 8. The company purchased both Orangeburg locations from Bank of America in April 2015 as part of a larger purchase of branches in South Carolina and Georgia. The ATM in front of Theo's Deli & Seafood on South … The all-stock transaction was projected to create the eighth-largest bank based in the Southeast, with more than $34 billion in assets and branches spanning six states with little direct overlap.

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