Polk's SouthState selling 170 branches for $475 million

SouthState Corp. has reached a deal to sell 170 of its branches across six states to a New York real investment firm for nearly a half-billion dollars.

The buyer is Blue Owl Real Estate Capital, which is paying $475 million for the properties in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia.

The Polk County-based bank announced the sale in a filing with the U.S. Securities and Exchange Commission Monday morning and says in the filing that it is not closing the branches but leasing them back.