South State, a financial services company, agreed to acquire Duncan-Williams, a family- and employee-owned registered broker-dealer, headquartered in Memphis, Tennessee, serving primarily institutional clients across the US in the fixed income business. Financial terms were not disclosed. The transaction has been approved by the company’s board of directors and is expected to close in Q1 2021, subject to receipt of regulatory approvals and compliance with other customary closing conditions. Upon completion of the transaction, the Duncan-Williams firm will become an operating subsidiary of South State Bank. South State expects the transaction to be immediately accretive to earnings per share.