South State Corporation and Southeastern Bank Financial Corporation Complete Merger

South State Corporation announced the completion of its merger with Southeastern Bank Financial Corporation.

Under terms of the merger agreement, Southeastern shareholders will receive 0.7307 shares of South State common stock in exchange for each Southeastern share they owned, or an aggregate of approximately 4,990,000 shares of South State common stock.

Georgia Bank & Trust Company of Augusta, Southeastern’s bank subsidiary, which also operates as Southern Bank & Trust, a division of Georgia Bank & Trust Company of Augusta, in South Carolina, has merged with South State Bank, a South Carolina banking corporation and the wholly-owned banking subsidiary of South State Corporation.

“We are pleased to announce the completion of this merger with Southeastern,” said Robert R. Hill, Jr., chief executive officer of South State Corporation. “The Southeastern team has enjoyed many years of success and we look forward to working with them and continuing to serve their customers.”

With this merger, South State Corporation will have assets approaching $11.0 billion and a market capitalization of approximately $2.5 billion.

“While this is a new chapter for Southeastern, we are excited to continue to build on our accomplishments for the benefit of our customers in the Augusta and Aiken communities,” said R. Daniel Blanton, CEO of Southeastern Bank Financial Corporation. “By merging with a high-performing regional bank like South State, we look forward to the increased opportunities available to our customers, employees and shareholders.”

With the merger, 12 branches will be added to the South State footprint, 9 in Georgia and 3 in South Carolina, increasing accessibility and convenience for customers throughout the three-state banking network. South State will operate 128 locations within South Carolina, Georgia and North Carolina. The system conversion and Georgia Bank & Trust and Southern Bank & Trust branch signage will transition to South State over Presidents’ Day weekend, February 17 – February 20.

In addition, former Georgia Bank & Trust board member Grey B. Murray has been appointed to the South State Corporation Board of Directors. He currently serves as President of United Brokerage Company, Inc., headquartered in Augusta, Georgia, and is active in various civic and community organizations in Augusta.

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