COLUMBIA, S.C.--(BUSINESS WIRE)--
South State Bank announced today that it is committing $100 million in mortgage lending initiatives to consumers located in low to moderate income and minority areas. The $100 million commitment will be allocated over five years in various markets across the combined South State and Park Sterling Bank footprint, upon the completion of the merger of South State and Park Sterling.
“We are well underway with the planning for our upcoming merger with Park Sterling. As South State expands, we remain committed to assisting low to moderate income and minority communities,” said Tom Ledbetter, president of the mortgage division for South State Bank. “This new lending commitment will allow us to offer our existing services and deepen relationships with customers and communities throughout the newly combined footprint.”
An outreach effort will begin later this year to reach eligible borrowers located in various markets in the Carolinas, Georgia and Virginia. In late fourth quarter of 2017, South State will begin originating 1-4 family mortgage loans under this specific initiative.
South State Corporation is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 25 South Carolina counties, 15 Georgia counties and 4 North Carolina counties for over 80 years. The bank also operates Minis & Co., Inc. and South State Advisory, both registered investment advisors; and First Southeast Investor Services, Inc., a limited purpose broker-dealer. South State Corporation has assets of approximately $11.2 billion and its stock is traded under the symbol SSB on the NASDAQ Global Select Market. More information can be found at www.SouthStateBank.com.
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