WINTER
HAVEN, Fla., Oct. 3, 2022
/PRNewswire/ -- SouthState Corporation (NASDAQ: SSB) ("SouthState"
or the "Company") today announced that SouthState Chief Banking
Officer Greg A. Lapointe, a 37-year
banking veteran, will retire in December
2023, three months following his 60th birthday.
"We are fortunate to have had Greg's leadership throughout our
company's growth and expansion over the last 13 years. While we
will miss him, we are happy for him and his family. We look forward
to Greg serving our company for the next year and continuing to
develop the tremendous talent and leadership throughout our
company," said John Corbett, CEO.
"I'm very pleased that Richard
Murray, current SouthState Corporation president, will
assume Greg's reporting responsibilities upon retirement. His 38
years of experience in banking and respected leadership in our
company will ensure a smooth transition."
"After 37 years in banking and countless discussions with my
family and those closest to me, I have decided to retire at the end
of 2023. It has always been my goal to retire around 60 years old.
It has been a privilege to help grow and shape SouthState over the
last 13 years to the company it is today," said Greg Lapointe, Chief Banking Officer. "For the
remaining time I have with the company, I look forward to
continuing to develop our great talent who are poised to carry the
bank forward well into the future."
Lapointe will transition to an advisory role April 1, 2023 and retire on December 31, 2023.
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.
Cautionary Statement Regarding Forward Looking
Statements
Statements included in this communication,
which are not historical in nature are intended to be, and are
hereby identified as, forward-looking statements for purposes of
the safe harbor provided by Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on, among other things,
management's beliefs, assumptions, current expectations, estimates
and projections about the financial services industry, the economy
and SouthState. Words and phrases such as "may," "approximately,"
"continue," "should," "expects," "projects," "anticipates," "is
likely," "look ahead," "look forward," "believes," "will,"
"intends," "estimates," "strategy," "plan," "could," "potential,"
"possible" and variations of such words and similar expressions are
intended to identify such forward-looking statements.
SouthState cautions readers that forward-looking statements are
subject to certain risks, uncertainties and assumptions that are
difficult to predict with regard to, among other things, timing,
extent, likelihood and degree of occurrence, which could cause
actual results to differ materially from anticipated results. Such
risks, uncertainties and assumptions, include, among others, the
following: (1) economic downturn risk, potentially resulting in
deterioration in the credit markets, inflation, greater than
expected noninterest expenses, excessive loan losses and other
negative consequences, which risks could be exacerbated by
potential continued negative economic developments resulting from
the Covid19 pandemic, or from federal spending cuts and/or one or
more federal budget-related impasses or actions; (2) interest rate
risk primarily resulting from the interest rate environment, rising
interest rates, and their impact on the Bank's earnings, including
from the correspondent and mortgage divisions, housing demand, the
market value of the bank's loan and securities portfolios, and the
market value of SouthState's equity; (3) risks related to the
merger and integration of SouthState and Atlantic Capital
including, among others, (i) the risk that the cost savings and any
revenue synergies from the merger may not be fully realized or may
take longer than anticipated to be realized, (ii) the risk that the
integration of Atlantic Capital's operations into SouthState's
operations will be materially delayed or will be more costly or
difficult than expected or that the parties are otherwise unable to
successfully integrate Atlantic Capital's businesses into
SouthState's businesses, (iii) the amount of the costs, fees,
expenses and charges related to the merger, and (iv) reputational
risk and the reaction of each company's customers, suppliers,
employees or other business partners to the merger; (4) risks
relating to the continued impact of the Covid19 pandemic on the
Company, including possible impact to the Company and its employees
from contacting Covid19, and to efficiencies and the control
environment due to the changing work environment and to our results
of operations due to government stimulus and other interventions to
mitigate the impact of the pandemic; (5) the impact of increasing
digitization of the banking industry and movement of customers to
on-line platforms, and the possible impact on the Bank's results of
operations, customer base, expenses, suppliers and operations; (6)
controls and procedures risk, including the potential failure or
circumvention of our controls and procedures or failure to comply
with regulations related to controls and procedures; (7) potential
deterioration in real estate values; (8) the impact of competition
with other financial institutions, including pricing pressures
(including those resulting from the CARES Act) and the resulting
impact, including as a result of compression to net interest
margin; (9) risks relating to the ability to retain our culture and
attract and retain qualified people; (10) credit risks associated
with an obligor's failure to meet the terms of any contract with
the bank or otherwise fail to perform as agreed under the terms of
any loan-related document; (11) risks related to the ability of the
company to pursue its strategic plans which depend upon certain
growth goals in our lines of business; (12) liquidity risk
affecting the Bank's ability to meet its obligations when they come
due; (13) risks associated with an anticipated increase in
SouthState's investment securities portfolio, including risks
associated with acquiring and holding investment securities or
potentially determining that the amount of investment securities
SouthState desires to acquire are not available on terms acceptable
to SouthState; (14) price risk focusing on changes in market
factors that may affect the value of traded instruments in
"mark-to-market" portfolios; (15) transaction risk arising from
problems with service or product delivery; (16) compliance risk
involving risk to earnings or capital resulting from violations of
or nonconformance with laws, rules, regulations, prescribed
practices, or ethical standards; (17) regulatory change risk
resulting from new laws, rules, regulations, accounting principles,
proscribed practices or ethical standards, including, without
limitation, the possibility that regulatory agencies may require
higher levels of capital above the current regulatory-mandated
minimums and including the impact of the CARES Act, the Consumer
Financial Protection Bureau regulations, and the possibility of
changes in accounting standards, policies, principles and
practices, including changes in accounting principles relating to
loan loss recognition (CECL); (18) strategic risk resulting from
adverse business decisions or improper implementation of business
decisions; (19) reputation risk that adversely affects earnings or
capital arising from negative public opinion; (20) cybersecurity
risk related to the dependence of SouthState on internal computer
systems and the technology of outside service providers, as well as
the potential impacts of internal or external security breaches,
which may subject the company to potential business disruptions or
financial losses resulting from deliberate attacks or unintentional
events; (21) reputational and operational risks associated with
environment, social and governance (ESG) matters, including the
impact of recently issued proposed regulatory guidance and
regulation relating to climate change; (22) greater than expected
noninterest expenses; (23) excessive loan losses; (24) potential
deposit attrition, higher than expected costs, customer loss and
business disruption associated with the Atlantic Capital
integration, and potential difficulties in maintaining
relationships with key personnel; (25) reputational risk and
possible higher than estimated reduced revenue from announced
changes in the Bank's consumer overdraft programs; (26) the risks
of fluctuations in market prices for SouthState common stock that
may or may not reflect economic condition or performance of
SouthState; (27) the payment of dividends on SouthState common
stock, which is subject to legal and regulatory limitations as well
as the discretion of the board of directors of SouthState,
SouthState's performance and other factors; (28) ownership dilution
risk associated with potential acquisitions in which SouthState's
stock may be issued as consideration for an acquired company; (29)
operational, technological, cultural, regulatory, legal, credit and
other risks associated with the exploration, consummation and
integration of potential future acquisitions, whether involving
stock or cash consideration; (30) major catastrophes such as
hurricanes, tornados, earthquakes, floods or other natural or human
disasters, including infectious disease outbreaks, such as the
ongoing Covid19 pandemic, and the related disruption to local,
regional and global economic activity and financial markets, and
the impact that any of the foregoing may have on SouthState and its
customers and other constituencies; (31) terrorist activities risk
that results in loss of consumer confidence and economic
disruptions; and (32) other factors that may affect future results
of SouthState, as disclosed in SouthState's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form
8-K, filed by SouthState with the U.S. Securities and Exchange
Commission ("SEC") and available on the SEC's website at
http://www.sec.gov, any of which could cause actual results to
differ materially from future results expressed, implied or
otherwise anticipated by such forward-looking statements.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
SouthState does not undertake any obligation to update or otherwise
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/greg-lapointe-announces-retirement-in-2023-301638867.html
SOURCE SouthState Corporation