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WINTER HAVEN, Fla. - SouthState Bank N.A., a subsidiary of SouthState Corporation (NYSE: SSB), has announced a series of new hires and promotions within its Private Wealth, Small Business, and Commercial Banking divisions. The financial services company, with a market capitalization of $7.9 billion and a solid track record of profitability, caters to over 1.5 million customers across several U.S. states. According to InvestingPro data, the bank has maintained consistent dividend payments for 29 consecutive years, demonstrating its commitment to shareholder returns while reinforcing its relationship banking strategy through these strategic personnel changes.
The newly appointed Small Business Banking Group Leaders are Joseph Brice for the Northern Group and Rob Pregnolato for the Southern Group. Brice has been with SouthState since 2013, while Pregnolato's promotion continues his tenure in the Treasure Coast region. These appointments come as the bank maintains strong financial metrics, with InvestingPro analysis showing revenue growth of 4.7% in the last twelve months and a conservative debt-to-equity ratio of 0.32.
Joining the Small Business banking team are Peter Bevel in Birmingham, Alabama, Andrew Leech in Daytona, Florida, Tanesha Thrash in LaGrange, Georgia, and Christy Truitt in Auburn, Alabama. Each brings a wealth of experience and a commitment to fostering business growth and client financial success.
In the Private Wealth division, SouthState welcomes Will Barlow as a portfolio manager in Atlanta, Georgia; April Croasmun as a wealth and fiduciary advisor in Jacksonville, Florida; Jennifer Thompson as a wealth and fiduciary advisor in Hilton Head, South Carolina; and Steven Wickline as a senior portfolio manager in Charleston, South Carolina. These advisors bring expertise in wealth management, estate planning, and investment strategy, and hold various certifications and designations that underscore their proficiency.
The Commercial Banking team is strengthened by the addition of Lauren Ervin as a commercial relationship manager in Jacksonville, Florida; Matt Mehr as a private capital solutions relationship manager in Raleigh, North Carolina; and Douglas Tuttle as a commercial relationship manager in Athens, Georgia. Their collective experience spans financial services, commercial real estate, and renewable energy project management.
SouthState President Richard Murray expressed confidence that the new team members will enhance the bank's services and uphold its high standards of relationship banking.
This expansion of talent aligns with SouthState's strategic growth and its mission to provide comprehensive banking solutions to its consumer, commercial, mortgage, and wealth management clients. Trading at a P/E ratio of 13, the bank maintains a Fair overall financial health score according to InvestingPro analysis, which offers comprehensive research reports covering over 1,400 US stocks, including detailed metrics and expert insights for informed investment decisions. The information regarding these personnel changes is based on a press release statement from SouthState Bank N.A.
In other recent news, South State Corporation reported strong financial results for the fourth quarter of 2024, surpassing both earnings and revenue forecasts. The company achieved an earnings per share (EPS) of $1.93, exceeding the anticipated $1.66, and revenue reached $450.32 million, outperforming the forecast of $435.94 million. Raymond James upgraded South State's stock rating from Outperform to Strong Buy, citing confidence in the bank's strategic acquisition of IBTX and its enhanced credit protection measures. Meanwhile, Citi adjusted South State's stock price target to $123 from $128, following the completion of a branch sale-leaseback transaction and securities restructuring. The company announced a stock repurchase program authorized by the Federal Reserve Board, allowing the repurchase of up to 3 million shares, representing about 3% of its outstanding shares. DA Davidson highlighted South State as one of the banks expected to outperform due to its low credit risk profile in the face of potential economic challenges. These developments reflect South State's strategic positioning and proactive measures to navigate the current economic landscape.
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