SouthState sells 170 bank branches for $475M, expects $225M pre-tax gain in sale-leaseback with Blue Owl

SouthState Bank Corp

Sale-leaseback of ~170 branches across six states to Blue Owl affiliates for ~$475M cash.
Expected pre-tax gain of ~$225M; first-year GAAP rent expense ~$40M, offset by $8M depreciation elimination.
Bank will lease branches for 15-year initial term with 2% annual rent escalation; no branch closures or market exits.
Transaction expected to close in Q1 2025, subject to Blue Owl due diligence; proceeds for general corporate purposes.
Company may partially offset gain by selling some securities portfolio currently in a loss position.

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