South State Corporation has entered into an agreement with Bank of America to acquire 13 of its branches in South Carolina and Georgia.
Under the purchase agreement, South State will buy 12 South Carolina branch locations and one Georgia branch location from the North American lender.
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The transaction will include acquisition of all bank properties together with ATMs and safe deposit boxes along with checking, savings, IRA and CD customers as well as some small business loans and treasury management services that are tied to the business deposit accounts, reported The Times and Democrat.
Bank of America will retain its credit card and residential mortgage customers besides retaining business banking, middle and large corporate account along with treasury management services, merchant services and all investment and brokerage accounts, added the publication.
According to South State, it will assume approximately $580m in deposits and will purchase approximately $3m in loans.
Pending regulatory approval, the deal will close in the third quarter of 2015 with South State hiring all current employees at each of the acquired branches.
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By GlobalDataSouth State Corporation CEO Robert Hill said: "I am pleased to announce this expansion of South State in South Carolina and Georgia. These offices are a great addition to our existing banking network. We look forward to growing and investing in these communities and to welcoming these customers and employees to South State."
