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SouthState To Buy Atlantic Capital In $542 Mln All-stock Deal - Quick Facts

Financial services company South State Corp. (SSB) and Atlantic Capital Bancshares, Inc. (ACBI) announced Friday the signing of a definitive agreement, under which Atlantic Capital will merge with and into SouthState in an all-stock deal. The aggregate value of the deal is around $542 million, or $26.43 per share of Atlantic Capital stock.

Subject to the deal terms, Atlantic Capital shareholders will receive 0.36 shares of SouthState stock for each outstanding share of Atlantic Capital stock. Additionally, two Atlantic Capital directors will join both the Company board and the SouthState Bank board.

South State expects the transaction to result in 3% earnings per share accretion on a fully phased in basis and minimal tangible book value dilution, which is expected to be earned back in two years.

The merger agreement has been unanimously approved by the board of directors of Atlantic Capital and SouthState.

The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of Atlantic Capital.

Upon merger completion, the combined company will have pro forma total assets of $44 billion, deposits of $36 billion, gross loans of $26 billion, and a market capitalization of approximately $5.7 billion.

Atlanta, Georgia-based Atlantic Capital has around $3.8 billion in total assets, $3.3 billion in total deposits, and $2.3 billion in total loans as of June 30, 2021. It operates one branch in the Atlanta metro area and one branch in Athens, Georgia.

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