Genesis Capital is pleased to announce Duncan-Williams, Inc. (“Duncan-Williams”) has reached an agreement to be acquired by South State Corporation (NASDAQ:SSB) (the “Company” or “South State”).
On October 15, 2020, South State announced that the Company’s Correspondent Banking Division will be expanding through the acquisition of Duncan-Williams, Inc., a 52-year-old family- and employee-owned registered broker-dealer, headquartered in Memphis, Tennessee, serving primarily institutional clients across the U.S. in the fixed income business.
The transaction provides South State with a seasoned team of revenue producers as well as an expanded platform through which the Correspondent Banking Division can leverage additional opportunities. The transaction represents an attractive capital deployment opportunity for the Company and the ability to grow its fee-based businesses.
The transaction has been approved by the Company’s board of directors and is expected to close in Q1 2021, subject to receipt of regulatory approvals and compliance with other customary closing conditions. Upon completion of the transaction, the Duncan-Williams firm will become an operating subsidiary of South State Bank, a wholly owned subsidiary of the Company. South State expects the transaction to be immediately accretive to earnings per share.
Genesis Capital LLC served as financial advisor to Duncan-Williams and Baker Donelson served as its legal counsel. Barclays served as financial advisor to South State in connection with the transaction and Maynard Cooper & Gale served as its legal counsel.
About Duncan-Williams, Inc.
Duncan-Williams, Inc. is a 52-year-old family and employee-owned full-service broker-dealer headquartered in Memphis, Tennessee. With offices in Tampa, Boulder, and Jackson, Miss., the firm serves institutional and retail clients across the U.S. with a focus on debt capital markets and capital raising. Duncan-Williams, Inc. is a member of FINRA, SIPC, and the Bond Dealers of America.
About South State Corporation
South State Corporation is a financial services company headquartered in Winter Haven, Florida. South State Bank, N.A., the company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division.