ATLANTA, March 1, 2022 /PRNewswire/ -- SouthState
Corporation (NASDAQ: SSB) ("SouthState" or the "Company") today
announced the closing of its acquisition of Atlantic Capital
Bancshares, Inc. (NASDAQ: ACBI) ("Atlantic Capital") through the
merger of Atlantic Capital with and into SouthState. Immediately
after that merger, Atlantic Capital's subsidiary bank, Atlantic
Capital Bank, N.A. merged with and into SouthState Bank, N.A.
("SouthState Bank"). As a result of these transactions, the
combined company has an expanded presence in the Atlanta market, with $5
billion in deposits and ranks 8th in market share
(3rd among banks under $100
billion in assets).
"We are pleased to welcome the talented bankers and expanded
corporate banking focus and expertise in payments and 'banking as a
service' from Atlantic Capital," said John
C. Corbett, CEO of SouthState. "Atlanta is a strategically important market
for us, and to assist with that growth and focus, we're pleased to
welcome Doug Williams and his team
in Atlanta."
"As a result of this merger, our combined companies now have the
scale in Atlanta to effectively
compete with the benefit of a larger balance sheet and enhanced
capital markets capabilities. We look forward to building on
Atlantic Capital's success as we continue to provide our existing
customers with the best solutions and service in banking," said
Douglas L. Williams, former Atlantic
Capital CEO.
The Atlantic Capital executive leadership team will continue to
serve the Atlantic Capital customers and the Atlanta community, most notably:
Douglas L. Williams,
former Atlantic Capital CEO, now serves as president of Atlanta
Banking Group & head of Corporate Banking.
Kurt A. Shreiner will
continue as president of the Corporate Financial Services division
and will continue to focus on the growth of the FinTech and
Payments businesses.
Richard A. Oglesby Jr.
will continue as president of the Atlanta division.
In connection with the merger, the Company announced the
appointment of two Atlantic Capital directors to the boards of
SouthState and SouthState Bank.
Shantella E. "Shan" Cooper is the former executive
director of Atlanta Committee for Progress (January 2019 – February
2022) and has served on the Atlantic Capital board since
2019. Prior to her services with the Atlanta Committee for
Progress, Ms. Cooper was the chief transformation officer for
WestRock Company (2016-2018) and vice president and general manager
of Lockheed Martin Aeronautics Company (2011-2016). Ms. Cooper also
serves as a director to Veritiv Corporation, Intercontinental
Exchange, Inc., and Georgia Power Company.
Douglas J. Hertz,
president & CEO United Distributors, has served on the Atlantic
Capital board since 2011. A native of Atlanta since 1984, Hertz has grown United
Distributors, a privately held beverage distribution business, to
one of the top 25 private companies in Atlanta. He began his career with KPMG, LLP.
He currently sits on the board of directors of Georgia Power
Company, the Georgia Ports Authority, and a number of
not-for-profit institutions.
In addition to Ms. Cooper and Mr. Hertz, the Company has
appointed Ronald M. Cofield
to the SouthState board and the SouthState Bank board, effective
February 24, 2022. Mr. Cofield
recently retired from PricewaterhouseCoopers, LLP, where he spent
38 years, including as managing partner of PwC's Orlando and Birmingham offices, Carolina's
practice, and the Atlanta Assurance practice. He currently works
with the Tech Transformation Academy at City of Refuge, a
not-for-profit organization located in one of Atlanta's most economically challenged
neighborhoods.
SouthState Corporation (NASDAQ: SSB) is a financial services
company headquartered in Winter Haven,
Florida. SouthState Bank, N.A., the company's nationally
chartered bank subsidiary, provides consumer, commercial, mortgage
and wealth management solutions to more than one million customers
throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast
to coast through its correspondent banking division. Additional
information is available at SouthStateBank.com.
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SOURCE South State Bank N.A.