SouthState (NASDAQ: SSB) Receives Federal Reserve Approval for 2025 Stock Repurchase Program

On February 11, 2025, SouthState Corporation (the “Company”) received supervisory nonobjection from the Federal Reserve Board for its 2025 stock repurchase program. The 2025 Repurchase Program, previously approved by the Company’s Board of Directors, allows for the repurchase of up to 3,000,000 shares, approximately three percent of the Company’s outstanding common stock as of January 2, 2025.

This repurchase authorization will be in effect until December 31, 2026, unless the Company’s Board of Directors decides to shorten or extend the program. SouthState has the flexibility to make repurchases under this plan based on market conditions and other factors. The Company is not obligated to repurchase any specific number of shares, and the repurchases may be executed through various methods such as open market purchases, negotiated transactions, or accelerated share repurchase transactions.

The Company will adhere to the rules and restrictions outlined in Rule 10b-18 of the Securities and Exchange Commission for open market transactions. The decision regarding the number, price, and timing of repurchases will be at the Company’s discretion, considering factors like market conditions, economic environment, and liquidity needs. SouthState emphasizes that there is no guarantee that any shares will be repurchased under this plan.

In light of this development, SouthState advises caution to investors as forward-looking statements are subject to certain risks, uncertainties, and assumptions that could potentially impact actual results. These risks include economic volatility, risks associated with the integration of Independent Bank Group, Inc., credit risks, interest rate risks, liquidity risks, regulatory changes, cyber risks, reputational risks, and more.

The Company underscores that all forward-looking statements are made as of the date of the report and are based on information available at that time. It does not undertake any obligation to update these statements unless required by federal securities laws.

Investors are cautioned to exercise prudence when considering such forward-looking statements. For more detailed information regarding potential risks and uncertainties, individuals are encouraged to refer to SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).

This report was signed on February 12, 2025, by William E. Matthews, V, Senior Executive Vice President, and Chief Financial Officer of SouthState Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SouthState’s 8K filing here.

About SouthState

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.