South State agrees to buy national brokerage company

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South State in Winter Haven, Fla., has agreed to buy a brokerage firm in Memphis, Tenn.

The $37.7 billion-asset South State said in a press release Thursday that it will buy Duncan-Williams, a company that primarily serves institutional clients across the country. South State did not disclose the price it will pay.

Duncan-Williams, which will become an operating subsidiary of South State, will expand South State’s correspondent banking division.

The deal is expected to close in the first quarter. South State said it expects the transaction to be immediately accretive to its earnings per share.

South State was advised by Barclays and Maynard Cooper & Gale. Duncan-Williams was advised by Genesis Capital and Baker Donelson.

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