The $46 billion-asset company disclosed in
a regulatory filing Tuesday that 16 of the closures will be in Florida, six in
South Carolina, five in Georgia and the rest in Virginia and North Carolina.
The branches represent about 10.5% of the company’s
branch network, based on the number of locations it had in mid-2021.
South State said the closures were part of
an “ongoing evaluation of customer service delivery and efficiencies,
particularly in light of the changing foot traffic and customer practices … because
of the COVID-19 pandemic.”
The decision also reflected cost structure,
and an “assessment that the communities in the markets impacted can be served
by remaining branch locations located there.”
South State plans to close the branches in
the third quarter.
The effort should save the company $10
million annually, beginning in 2023. South State expects to incur $8 million of
one-time costs tied to the closures.
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