- Associated Press - Tuesday, February 18, 2014

COLUMBIA, S.C. (AP) - A Columbia bank is getting a new name

SCBT changed its name to South State Bank on Monday, The State newspaper (http://bit.ly/1j7JLtA) reported.

The company started in Orangeburg and has moved to Columbia and grown from a $2 billion asset bank in 2009 to $8 billion last year. It has operations in South Carolina, North Carolina and Georgia as it has purchased a half-dozen banks. The company has used five different operating names.

Chief Executive Robert Hill said the company hopes to become the preferred consolidator of small banks in the Southeast.

Most branches will get the new name June 30, although its latest acquisition, Charleston’s First Federal, will make the switch July 21.

Bank cards and checks will be re-issued as they come up for renewal, so the change should have little impact on customers.

South State Bank plans to spend up to $20 million on new hardware and software, replacing ATMs and acquiring technology that will allow consumers to make transfers between banks and deposit checks by snapping a photo of them with cellphones.

The goal is to become a $15 billion asset company over the next five years, bank officials said.


Information from: The State, http://www.thestate.com



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