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South State Bank ranked No. 14 on Forbes list

Staff Report //February 14, 2018//

South State Bank ranked No. 14 on Forbes list

Staff Report //February 14, 2018//

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South State Bank has been ranked No. 14 on Forbes annual list of the top 100 largest U.S. Banks.

Last month’s rankings mark the second consecutive year the Columbia-based bank has made the top 15 on the list.

“We are pleased to be recognized as one of the top 15 banks in the nation. This recognition is a result of the hard work and dedication of our team members, who serve our 700,000 customers from Virginia to Georgia,” said South State president and CEO John F. Windley in a news release. “In 2017, we completed two acquisitions, crossed the $10 billion regulatory threshold and reported strong financial results. We plan to build on this exceptional progress and success in 2018 and beyond.”

Forbes has compiled the list for the past nine years and ranks the 100 largest U.S. banks based on 10 equally weighted metrics related to growth, profitability, capital adequacy and asset quality. Metrics include return on average tangible equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percent of total loans.

The 100 largest U.S. banks range from JPMorgan Chase, with $2.6 trillion in total assets, to First Financial Bancorp, with $8.8 billion. South State has $11 billion in total assets.

Arkansas-based Home BancShares topped the list. Banc of California brought up the rear at No. 100. 

Forbes said big banks continue to be healthy, with net income at FDIC-insured banks at $47.9 billion in the third quarter after reaching a record $48.3 billion during the previous three months. After reaching a peak of 888 in 2011, the FDIC’s problem bank list fell to 104 institutions as of September, the magazine said.

South State also earned awards in five categories for small business banking. It received two national 2017 Greenwich Excellence awards in overall satisfaction and likelihood to recommend and three regional awards in overall satisfaction, likelihood to recommend and cash management – overall satisfaction.

Greenwich Associates, a leading global provider of financial services intelligence, evaluated the small business banking platforms of more than 600 U.S. banks. Thirty-three received excellence awards, which are based on interviews with more than 15,000 small business clients with sales of $1 million to $10 million covering a range of product and service categories.

“We are honored to be recognized at a national level by our small business customers. For South State to make the list of top banks in the nation for ‘overall satisfaction’ and ‘likelihood to recommend’ is something we’re very proud of,” Windley said. “Our customers are at the center of everything we do, and the biggest compliment we could receive is for them to recommend South State to their friends and family.”