We advised SouthState on the transaction

Davis Polk is advising SouthState Corporation on its all-stock approximately $542 million merger with Atlantic Capital Bancshares, Inc. The merger agreement has been unanimously approved by the board of directors of Atlantic Capital and SouthState. Completion of the merger, which is expected in the first quarter of 2022, is subject to customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of Atlantic Capital.

SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the SouthState’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. Atlantic Capital, with assets of $3.8 billion, is a publicly traded bank holding company headquartered in Atlanta, Georgia.

The Davis Polk financial institutions M&A team includes partners Margaret E. Tahyar, George R. Bason Jr. and Evan Rosen and associates Malik M. Khalil, Tyler X. Senackerib and Shaoting Qin. Partner William A. Curran and associate Joshua J. Micelotta are providing tax advice. Partner Veronica M. Wissel and associate Charlotte R. Fabiani are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.

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