Bank / Credit Union

South State Bank to close 5 SC branches

August 12, 2020

South State Bank plans to close five South Carolina branches and 14 additional branches across its network in an effort to cut expenses after a $2.3 billion merger with CenterState Bank of Winter Haven, Fla.

The merger, which occurred on June 8, included South State relocating its headquarters from South Carolina to central Florida.

The closings, scheduled for November, will include branches in Charleston, Anderson, Cayce and Clinton, according to a Post and Courier report.

Of the 14 additional closings, the majority will be in Florida and the rest will be in Alabama, Georgia and North Carolina.

"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 statement, according to the report. "Any team members who are not placed in other roles within the company will be offered severance pay."

CenterState shareholders own the majority of the merged bank, but the South State name will remain on the branches, the stock and the holding company.