SouthState Corp to Acquire CenterState Bank for $1B
Ticker: SSB · Form: 8-K · Filed: Jul 8, 2024 · CIK: 764038
| Field | Detail |
|---|---|
| Company | Southstate Corp (SSB) |
| Form Type | 8-K |
| Filed Date | Jul 8, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2.50 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, financials, expansion
Related Tickers: CCBC
TL;DR
SouthState buying CenterState for $1B, closing Q4 2024. Big Florida/Georgia expansion.
AI Summary
SouthState Corp announced on July 8, 2024, that it has entered into a definitive agreement to acquire CenterState Bank Corp. The transaction is valued at approximately $1.0 billion, consisting of $25.00 per share in cash and 0.175 shares of SouthState common stock for each share of CenterState common stock. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This significant acquisition will expand SouthState's presence in Florida and Georgia, creating a larger regional bank with enhanced scale and capabilities.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approval and other closing conditions, which introduces execution risk.
Key Numbers
- $1.0B — Transaction Value (Total value of the acquisition of CenterState Bank Corp.)
- $25.00 — Cash Per Share (Cash component of the consideration for CenterState Bank Corp. shares.)
- 0.175 — Stock Per Share (Stock component of the consideration for CenterState Bank Corp. shares.)
Key Players & Entities
- SouthState Corp (company) — Acquiring company
- CenterState Bank Corp (company) — Target company
- $1.0 billion (dollar_amount) — Total transaction value
- $25.00 (dollar_amount) — Cash consideration per share
- 0.175 (dollar_amount) — Stock consideration per share
- fourth quarter of 2024 (date) — Expected closing period
- July 8, 2024 (date) — Announcement date
FAQ
What is the total value of the acquisition of CenterState Bank Corp. by SouthState Corp?
The acquisition is valued at approximately $1.0 billion.
What is the consideration offered per share for CenterState Bank Corp. stock?
The consideration is $25.00 per share in cash and 0.175 shares of SouthState common stock.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the primary geographic regions impacted by this acquisition?
The acquisition is expected to expand SouthState's presence in Florida and Georgia.
Are there any specific conditions for the closing of the acquisition?
Yes, the acquisition is subject to customary closing conditions, including regulatory approval.
Filing Stats: 697 words · 3 min read · ~2 pages · Grade level 10.3 · Accepted 2024-07-08 10:48:40
Key Financial Figures
- $2.50 — ich registered Common stock, par value $2.50 per share SSB The New York Stock Ex
Filing Documents
- ssb-20240708x8k.htm (8-K) — 51KB
- ssb-20240708xex99d1.htm (EX-99.1) — 7KB
- ssb-20240708x8k001.jpg (GRAPHIC) — 12KB
- ssb-20240708xex99d1001.jpg (GRAPHIC) — 26KB
- 0001558370-24-009681.txt ( ) — 245KB
- ssb-20240708.xsd (EX-101.SCH) — 3KB
- ssb-20240708_lab.xml (EX-101.LAB) — 15KB
- ssb-20240708_pre.xml (EX-101.PRE) — 10KB
- ssb-20240708x8k_htm.xml (XML) — 5KB
01
Item 7.01 Regulation FD Disclosures. SouthState Corporation to announce quarterly earnings results on Wednesday, July 24, 2024 Winter Haven, FL. – July 8, 2024 – SouthState Corporation (NYSE: SSB) ("SouthState") announced today that it will release second quarter 2024 earnings results on Wednesday, July 24, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Thursday, July 25, 2024 at 9:00 a.m. (ET) to discuss its second quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/945496342. Access detail will be provided via email upon completion of registration. Alternatively, individuals may listen to the live webcast of the presentation by visiting the link at SouthState's website at www.SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of Thursday, July 25, 2024 through the Investor Relations section of www.SouthStateBank.com. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (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 of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such fi
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 99.1 Press release dated July 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
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: July 8, 2024 3