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South State Bank acquires 2 branches of BofA

Bank of America’s two branches in Orangeburg will be converted into branches of South State Bank. This is part of the agreement between the two banks in April under which South State Bank has purchased the two branches. It was a part of a larger purchase that allowed South State Bank entry into six new markets and three existing markets. Only customers with accounts affiliated with the branches being closed are affected. They are being switched over to South State unless other arrangements have been made. The transaction includes all bank properties together with ATMs and safe deposit boxes. 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 are a part of the transaction. Credit card and residential mortgage customers will remain with Bank of America, as well as business banking, middle and large corporate accounts. Treasury management services, merchant services and all investment and brokerage accounts, as well as U.S. Trust and Merrill Lynch Wealth management personal and small business deposit accounts are also excluded from the transaction. Currently, South State Bank is No 1 in market share in the Orangeburg region with over 20,000 customers.

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