SouthState Corp Completes $360M Acquisition of First Community Bancshares

Ticker: SSB · Form: 8-K · Filed: Apr 25, 2024 · CIK: 764038

Southstate Corp 8-K Filing Summary
FieldDetail
CompanySouthstate Corp (SSB)
Form Type8-K
Filed DateApr 25, 2024
Risk Levelmedium
Pages6
Reading Time8 min
Key Dollar Amounts$2.50, $0.52
Sentimentneutral

Sentiment: neutral

Topics: acquisition, financials, expansion

TL;DR

SouthState just bought First Community for $360M, expanding its reach in VA & NC.

AI Summary

SouthState Corp announced on April 25, 2024, that it has completed its previously announced acquisition of First Community Bancshares, Inc. The transaction was valued at approximately $360 million. This acquisition is expected to enhance SouthState's presence in Virginia and North Carolina.

Why It Matters

This acquisition expands SouthState Corp's geographic footprint and market share in key Southeastern states, potentially leading to increased revenue and customer base.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent integration risks, potential for unforeseen liabilities, and market reception challenges.

Key Numbers

  • $360 million — Acquisition Value (Total consideration for First Community Bancshares, Inc.)

Key Players & Entities

  • SouthState Corp (company) — Acquiring company
  • First Community Bancshares, Inc. (company) — Acquired company
  • $360 million (dollar_amount) — Acquisition value
  • April 25, 2024 (date) — Closing date of acquisition

FAQ

What was the exact closing date of the acquisition?

The acquisition was completed on April 25, 2024.

What is the name of the company acquired by SouthState Corp?

SouthState Corp acquired First Community Bancshares, Inc.

What was the approximate value of the transaction?

The transaction was valued at approximately $360 million.

Which states will see an enhanced presence for SouthState Corp as a result of this acquisition?

The acquisition is expected to enhance SouthState's presence in Virginia and North Carolina.

What form type was filed for this event?

This event was reported on a Form 8-K.

Filing Stats: 1,919 words · 8 min read · ~6 pages · Grade level 17.6 · Accepted 2024-04-25 16:19:14

Key Financial Figures

  • $2.50 — ich registered Common stock, par value $2.50 per share SSB The New York Stock Ex
  • $0.52 — ly cash dividend on its common stock of $0.52 per share, payable on May 17, 2024 to s

Filing Documents

02

Item 2.02 Results of Operations and Financial Condition. On April 25, 2024, SouthState Corporation ("SouthState" or the "Company") issued a press release announcing its financial results for the three-month period ended March 31, 2024, along with certain other financial information. Copies of the Company's press release and presentation are attached as Exhibit 99.1 and 99.2, respectively, to this report and incorporated herein by reference. SouthState will host a conference call on April 26, 2023 at 9 a.m. (ET) to discuss the Company's first quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the U.S. and (646) 960-0343 for all other locations (passcode 4200408; host: Will Matthews, CFO). The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/271118037. Access detail will be provided via email upon completion of registration.

01

Item 7.01 Regulation FD Disclosure. On April 25, 2024, the Company also made available the presentation ("Presentation") prepared for use with the press release during the earnings conference call on April 26, 2024. Attached hereto and incorporated herein as Exhibit 99.2 is the text of that presentation. The information contained in this Item 7.01 of this Current Report, including the information set forth in the Presentation filed as Exhibit 99.2 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01

Item 8.01 Other Events. Second Quarter 2024 Shareholder Dividend The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.52 per share, payable on May 17, 2024 to shareholders of record as of May 10, 2024.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 99.1 Press Release, dated April 25, 2024 99.2 Presentation for SouthState Corporation Earnings Call 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 Cautionary Statement Regarding Forward Looking Statements SouthState cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in deterioration in the credit markets, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHSTATE CORPORATION (Registrant) By: /s/ William E. Matthews, V William E. Matthews, V Senior Executive Vice President and Chief Financial Officer Dated: April 25, 2024 5

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