South State Bank

In: Business and Management

Submitted By aliciagall
Words 1259
Pages 6
South State Bank
Webster University

Introduction According to Mathis and Jackson, “Strategic planning is the process of defining an organizational strategy, or direction, and making decisions on allocating the resources of the organization (capital and people) to pursue this strategy” (Mathis & Jackson, 2011, p. 38). It requires a company or organization to incorporate all aspects of business into the planning process with one aim in mind: to ultimately fulfill the objectives that the company has determined to be their purpose for operating. For South State Bank, according to CEO Robert R. Hill, Jr., planning efforts are all aimed at accomplishing the goal of “[building] a high-performing bank based on a balance of soundness, profitability, and growth,” while “staying true to our values of relationship banking and commitment to our customers” (South State Bank, 2015). A large part of South State Bank’s strategic planning process includes a recent, large-scale rebranding effort in which the company expanded its local banking institutions into a larger network of banks spreading across three southern states.
Rebranding
Opening its doors in 1934, South State Bank actually began as a small, rural, community bank located in South Carolina. Originally, the company operated under the name of South Carolina Bank and Trust, more commonly known as SCBT. In 2007, the SCBT Corporation began acquiring outside banking institutions in the neighboring states of North Carolina and Georgia. These banks included The Scottish Bank (renamed NCBT), Community Bank & Trust, The Savannah Bank. The acquisitions were followed by a merge with First Financial, a company operating in Charleston, South Carolina. After initially operating as separate entities, the company saw the need for a change. In the article, “A new name in regional banking hits town next week” by…...

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