South Carolina-based South State Bank announced Monday that it is launching a mortgage lending initiative, pledging $100 million to consumers located in low-to-moderate income and minority areas in North Carolina, South Carolina, Georgia, and Virginia.
According to the bank, the $100 million commitment is part of the bank’s merger with Park Sterling Bank, which has more than 50 branches in North Carolina, South Carolina, Georgia, and Virginia.
“We are well underway with the planning for our upcoming merger with Park Sterling,” Tom Ledbetter, president of the mortgage division for South State Bank, said of the merger that was announced in late April.
“As South State expands, we remain committed to assisting low to moderate income and minority communities,” Ledbetter continued. “This new lending commitment will allow us to offer our existing services and deepen relationships with customers and communities throughout the newly combined footprint.”
In a release, South State said that it will begin an “outreach effort” later this year to target eligible borrowers. Then, in the late fourth quarter of 2017, South State will begin originating 1-4 family mortgage loans as part of this initiative, the bank said.