COLUMBIA, S.C. and WINTER HAVEN, Florida – Feb. 24, 2020
South State Bank and CenterState Bank jointly announced today that they have been named in the top 50 of Forbes’ 100 Best Banks in America.
“We intuitively knew we were putting together two of the country’s best banks with the partnership of South State and CenterState,” said Robert R. Hill, Jr., CEO of South State Bank. “This recognition is based on the commitment our teams have to providing excellent service to our customers and communities.”
“There are more than 5,000 financial institutions in the United States. Having both South State and CenterState named to the list of 100 best banks in America is indicative of the standards of excellence both banks have upheld,” said John Corbett, CEO of CenterState Bank. “South State was the only bank named to the list for South Carolina, and CenterState was the top-ranked bank for Florida, which speaks volumes about the two institutions.”
Forbes analyzed data regarding the growth, credit quality and profitability of the 100 largest publicly-traded banks and thrifts by assets. The ten metrics used in the rankings include: return on average tangible common equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percentage of total loans. Forbes also factored in nonperforming assets as a percentage of assets, CET1 ratio, risk-based capital ratio and reserves as a percentage of nonperforming assets. The final component was operating revenue growth. Banks where the top-level parent is based outside the U.S. were excluded.
About South State
South State Corporation is a financial services company headquartered in Columbia, South Carolina with approximately $15.9 billion in assets. South State Bank, the company’s primary subsidiary, provides consumer, commercial, mortgage, and wealth management solutions throughout the Carolinas, Georgia and Virginia. South State has served customers since 1934.
CenterState operates as one of the leading Southeastern regional bank franchises headquartered in the state of Florida. Both CenterState and its nationally chartered bank subsidiary, CenterState Bank, N.A. (the “Bank”), are based in Winter Haven, Florida, between Orlando and Tampa. With over $17 billion in assets, the Bank provides traditional retail, commercial, mortgage, wealth management and SBA services throughout its Florida, Georgia and Alabama branch network and customer relationships in neighboring states. The Bank also has a national footprint, serving clients coast to coast through its correspondent banking division.