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Southstate Corporation - SSB STOCK NEWS

Welcome to our dedicated page for Southstate Corporation news (Ticker: SSB), a resource for investors and traders seeking the latest updates and insights on Southstate Corporation stock.

Company Overview

SouthState Corporation (NYSE: SSB) is a U.S.-based bank holding company that has evolved from its community banking roots, established in 1934, into a multifaceted financial services provider. Leveraging personal relationships and local expertise, SouthState operates through its wholly-owned subsidiary, SouthState Bank, offering a comprehensive suite of consumer, commercial, mortgage, trust, and wealth management solutions. With a presence in key southeastern states and an expanding footprint in new markets, the company combines strong regional knowledge with a resilient, community-focused approach.

Core Business Areas

SouthState Corporation is distinguished by its diversified banking services that include:

  • Retail Banking: Offering demand, time, and savings deposit solutions designed for individual customers.
  • Commercial Banking: Providing tailored financial products to support the needs of small-to-mid-sized businesses and larger enterprises.
  • Mortgage Lending: Delivering residential and commercial mortgage solutions aimed at fueling homeownership and business development.
  • Wealth Management & Trust Services: Catering to clients’ long-term financial goals with investment management and trust services.
  • Consumer Finance: Facilitating credit and lending solutions to support personal financial well-being.

Market Position and Strategic Growth

With a foundation deeply embedded in community banking, SouthState has successfully transitioned from serving small communities to addressing the broader financial needs in its operational region. The company has strategically grown through the merger of multiple community banks, solidifying its status as a robust regional player. Recent strategic acquisitions have expanded its geographic presence, integrating markets in Texas and Colorado while reinforcing its commitment to local management and credit discipline. This emphasis on entrepreneurial and relationship-driven banking sets SouthState apart in a competitive industry marked by large, impersonal entities.

Operational Excellence and Community Commitment

SouthState Corporation's business model is built on a commitment to community, long-term relationships, and sound credit practices. It actively supports economic growth in the communities it serves by investing in local projects and providing tailored banking solutions. The company maintains a focus on precision in risk management and credit quality, ensuring that its service offerings are both innovative and reliable.

Industry Terminology and Expertise

Utilizing industry-specific language, SouthState’s services are frequently described in terms such as consumer finance, commercial credit, and wealth management. Its operational strategy incorporates robust risk management frameworks, diversified revenue streams, and a commitment to personalized financial service. These factors underscore the company’s expertise in navigating complex market conditions while maintaining an unwavering focus on customer service and community engagement.

Competitive Landscape

While competing with both large national banks and regional financial institutions, SouthState differentiates itself by its relentless focus on local markets and personalized banking relationships. The company’s stability, built on decades of experience, combined with a strategic expansion via mergers, supports its competitive positioning within the financial services landscape. Investors and market observers note the company’s methodical and risk-aware approach as central to its operational philosophy.

Rhea-AI Summary

SouthState Bank (NYSE: SSB) has achieved remarkable recognition, being named among the top three banks nationally for Small Business and Middle Market Banking, securing 23 awards from Crisil Coalition Greenwich. The bank leads the U.S. in Best Bank Awards for Small Business Banking, earning 15 awards in the Small Business category for companies with $1-10M annual revenue.

Standing out among over 500 evaluated banks, SouthState received accolades for customer service, relationship management, and digital banking capabilities. The bank also ranked sixth in middle market recognition, winning 8 awards for serving businesses with $10-500M revenue. Since 2016, SouthState has accumulated 82 Coalition Greenwich awards, demonstrating consistent excellence in commercial banking services.

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SouthState (NYSE: SSB) reported strong Q4 2024 results with net income of $144.2 million and diluted EPS of $1.87. Key highlights include:

- Net Interest Income of $370 million with a Net Interest Margin of 3.48%
- Loans increased by $355 million (4% annualized)
- Deposits grew by $423 million (4% annualized)
- Total loan yield was 5.76%, while deposit cost decreased to 1.75%

The company maintained strong capital positions with Tier 1 Common Equity at 12.6% and Total Risk-Based Capital at 15.0%. The Board declared a quarterly cash dividend of $0.54 per share. SouthState also completed its previously announced merger with Independent Bank Group on January 1, 2025.

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SouthState (NYSE: SSB) has completed its acquisition of Independent Bank Group (NASDAQ: IBTX) on January 1, 2025. The merger includes the integration of Independent Bank into SouthState Bank, N.A., expanding SouthState's presence in Texas and marking its entry into Colorado. The combined entity now has approximately $65 billion in assets.

As part of the merger, three former Independent Financial directors have joined the boards of SouthState and SouthState Bank, increasing board membership from 12 to 15. The new board members are David R. Brooks (former Independent Financial chairman and CEO), Janet Froetscher (former director and current President of J.B and M.K. Pritzker Family Foundation), and G. Stacy Smith (former lead independent director and Managing Partner of SCW Capital).

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SouthState (NYSE: SSB) has announced it will release its fourth quarter 2024 earnings results on Thursday, January 23, 2025, after market close. The company will host a conference call to discuss the results on Friday, January 24, 2025, at 9:00 a.m. ET.

Investors can access the earnings results through SouthState's website and participate in the conference call by dialing (888) 350-3899 within the US or (646) 960-0343 for international locations. The conference ID is 4200408. A live webcast will be available on the company's website, and an audio replay is expected to be accessible by the evening of January 24, 2025.

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SouthState Bank (NYSE: SSB) announces significant personnel expansion with 14 new hires across five states and promotes Chad Clarke to Jacksonville Market President. Clarke, a 23-year veteran of Jacksonville banking, has served as commercial banking team lead at SouthState for seven years. The new hires include experienced professionals in various roles such as portfolio management, middle market coverage, and commercial relationship management across Georgia, Virginia, Alabama, Florida, and South Carolina.

Notable additions include William Barlow, a 25-year finance veteran from Wells Fargo, William Buchly with 18 years of commercial banking experience, and Marcus Boggs, a former Marine lieutenant colonel. The new team members bring diverse expertise in commercial banking, wealth management, and strategic initiatives.

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SouthState (NYSE: SSB) reported Q3 2024 results with net income of $143.2 million and diluted EPS of $1.86. The company saw steady growth in key metrics with loans increasing by $314 million (4% annualized) and deposits growing by $540 million (6% annualized). Net interest income was $351 million with a net interest margin of 3.39%. The company maintained strong capital position with total risk-based capital ratio of 14.9%. The Board declared a quarterly cash dividend of $0.54 per share, payable November 15, 2024. Shareholders approved the acquisition of Independent Bank Group, though it remains subject to regulatory approval.

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Blend, a leading digital banking solutions provider, has successfully implemented its Close solution at SouthState Bank, resulting in significant improvements in borrower experience and operational efficiency. SouthState, a regional bank with $44 billion in assets and over 1 million customers, has transformed its mortgage operations with Blend's technology. Key outcomes include:

1. Reduced closing times to as little as 20 minutes for fully virtual closings
2. Decreased loan processing time from 7 days to 48 hours
3. Enhanced flexibility for remote closings, benefiting military personnel and borrowers unable to attend in-person
4. Improved loan officer capacity and borrower relationships
5. Increased operational efficiency and cost reduction

SouthState's Director of Mortgage Strategic Initiatives, Shane Horan, praised Blend's robust solution, which supports various eClose scenarios, from hybrid to full RON closings.

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SouthState (NYSE: SSB) has announced that it will release its third quarter 2024 earnings results on Wednesday, October 23, 2024, after the market closes. The company will host a conference call on Thursday, October 24, 2024 at 9:00 a.m. (ET) to discuss the results. Investors can access the earnings report on the company's website and participate in the call by dialing (888) 350-3899 within the US or (646) 960-0343 for other locations. The conference ID is 4200408. A live webcast of the presentation will be available on SouthState's website, with an audio replay expected to be accessible by the evening of October 24, 2024.

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SouthState Bank has become Nacha's newest Direct Member, bringing the total number of Direct Members to 46. This membership allows SouthState Bank to participate in the Nacha Rulemaking process for the ACH Network and influence the strategic direction of Nacha and the payments industry. Mark Robertson, EVP at SouthState Bank, emphasized that this membership will help ensure their customers can continue to send and receive payments quickly and securely.

As a Direct Member, SouthState Bank can now vote on proposed Nacha Operating Rules, contribute to the ACH Network's efficiency and security, and participate in Nacha committees and workgroups. This move demonstrates SouthState Bank's commitment to shaping the future of the ACH Network and maintaining its role in the evolving payments landscape.

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SouthState (NYSE: SSB) has appointed Merriann Metz to the board of directors of both the company and its bank subsidiary, SouthState Bank, N.A. Metz, 49, currently serves as general counsel, chief compliance officer, and corporate secretary for Publix Super Markets, Inc., a major retailer with over $50 billion in annual revenue and 1,376 store locations across eight states.

SouthState's CEO, John Corbett, expressed enthusiasm about Metz's addition, highlighting her experience in risk management, legal, and compliance functions at a large Florida-based company. Prior to joining Publix in 2006, Metz practiced law at an Orlando firm, focusing on commercial real estate and litigation. She is also actively involved in community service, having served as director and board chair of Easter Seals Florida, Inc.

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FAQ

What is the current stock price of Southstate Corporation (SSB)?

The current stock price of Southstate Corporation (SSB) is $92.26 as of April 1, 2025.

What is the market cap of Southstate Corporation (SSB)?

The market cap of Southstate Corporation (SSB) is approximately 9.4B.

What core services does SouthState Corporation provide?

SouthState Corporation offers a diverse range of services including retail banking, commercial lending, mortgage solutions, trust, and wealth management services through its subsidiary SouthState Bank.

What regions does SouthState serve?

The company operates primarily in the southeastern United States, with an expanding presence in markets such as Texas and Colorado, ensuring a broad geographic reach across key economic regions.

How is SouthState positioned in the competitive banking landscape?

SouthState leverages its deep community roots, local management expertise, and a strong emphasis on credit discipline to differentiate itself from larger national banks and other regional institutions.

What is the business model of SouthState Corporation?

SouthState’s business model centers on relationship-driven banking, focusing on personalized financial solutions, diversified revenue streams, and strategic market expansion through mergers and local investments.

How does SouthState maintain its commitment to the communities it serves?

The company invests in local development, supports community projects, and emphasizes personal relationships over transactions, ensuring its services are tailored to regional needs.

What recent strategic moves have supported SouthState's growth?

SouthState has expanded its market reach through strategic mergers and acquisitions, broadening its geographic footprint and integrating diverse operational expertise to enhance its service offerings.

How does SouthState manage risk and maintain credit quality?

The corporation employs rigorous risk management frameworks and a disciplined approach to credit, ensuring stability and reliability within its wide range of banking services.

How does SouthState differentiate itself from competitors?

By emphasizing community engagement, local expertise, and tailored banking relationships, SouthState sets itself apart through a customer-centric approach that values long-term personal connections.
Southstate Corporation

NYSE:SSB

SSB Rankings

SSB Stock Data

9.36B
100.06M
1.2%
70.25%
3.57%
Banks - Regional
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United States
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