SOUTH STATE CORPORATION (NASDAQ:SSB) Files An 8-K Other Events
Item 8.01. Other Events.
The Board of Directors of South State Corporation announced the authorization for the repurchase of up to 2,000,000 additional common shares of the Company’s common stock (the “New Repurchase Program”). Repurchases under the New Repurchase Program will begin once the prior stock repurchase plan of 1,000,000 shares has been completed (see paragraph below). The Company is not obligated to repurchase any such shares under the New Repurchase Program or the prior stock repurchase plan. Shares will be purchased in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. Repurchases under the New Repurchase Program after June 6, 2020 would require additional Federal Reserve approval.
The prior stock repurchase plan, which authorized 1,000,000 shares, was announced on January 28, 2019. There are 157,102 remaining shares that can be repurchased and the Company intends to repurchase the remaining shares under this plan. The Company has previously repurchased 842,898 shares (342,898 shares have been repurchased in the second quarter of 2019). Repurchases under the prior stock repurchase plan after December 23, 2019 would require additional Federal Reserve approval.