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South State announces $100M lending initiative

Banking & Finance
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South State Bank announced Monday it is committing $100 million in mortgage lending initiatives to consumers located in low- to moderate-income and minority areas.

South State Bank is a subsidiary of South State Corp., the largest bank holding company headquartered in South Carolina. South State Bank has operations in more than two dozen counties across South Carolina.

The $100 million commitment will be allocated over five years in various combined South State and Park Sterling Bank markets, upon completion of the banks’ merger. South State announced its merger with Charlotte-based Park Sterling in April. Closing on the merger is expected in the fourth quarter of this year.

“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 Thomas S. 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 South Carolina, Georgia, North Carolina and Virginia. In the late fourth quarter of 2017, South State will begin originating family mortgage loans under this specific initiative.

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