SouthState closes $457M sale-leaseback of 165 branches; reinvests in shorter-duration securities

SouthState Bank Corp

Closed sale of 165 branches to Blue Owl affiliates for $457M net cash, generating ~$229M pre-tax gain.
Entered 15-year triple net leases with 2% annual rent escalation; no branch closures or market exits.
Sold AFS securities for pre-tax loss approximating sale-leaseback gain; reinvested in ~3yr market rate securities.
Net transaction expected to be immediately accretive to net income and EPS; Q1 earnings call to provide NII guidance.

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