South State in S.C. to Buy 13 Bank of America Branches

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South State Corp. in Columbia, S.C., has agreed to buy 13 Bank of America branches in South Carolina and Georgia.

The $8 billion-asset South State said in a press release Wednesday that the branch deal would provide it with entry into six new markets and expand its operations in three other markets. South State will also gain $580 million in deposits and roughly $3 million in loans.

South State said it would retain the branches' employees. The deal is expected to close in the third quarter.

Bank of America, meanwhile, has been selling dozens of branches in recently, mostly in rural markets.

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