Hartwell Bank Bought By South State

A bank with Toccoa ties is purchasing 13 locations from another bank.

The website GSA Business said recently that South State Corp. announced that it plans to purchase 12 South Carolina branch locations and one Georgia branch location from Bank of America.

GSA Business reported that the Georgia purchase is in Hartwell.

South State said in the report that the deal will give South State entry into six new markets and three existing markets that the company already serves.

According to the GSA Business report, the acquisition will place South State among the top 10 banks in market share in all the markets, and South State says it anticipates it will assume about $580 million in deposits and purchase approximately $3 million in loans from the acquisition.

Pending regulatory approval, South State expects to close on the deal in the third quarter.

South State told GSA Business it will hire all current employees at each of the acquired branches and is committed to a smooth customer transition.

South State Corp. is the largest bank holding company headquartered in South Carolina.

Its primary subsidiary, South State Bank, has locations in 19 S.C. counties, 12 Georgia counties and four North Carolina counties.

That includes a branch in Toccoa.

South State has assets of about $8 billion.