# EDGAR Filing Document

**Accession Number:** 0000107238
**File Stem:** 0000107238-25-000012
**Filing Date:** 2025-12
**Character Count:** 15768
**Document Hash:** 3f49971ff5f68b8d41ab5e0f0c8891ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000107238-25-000012.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0000107238-25-000012

**CONFORMED SUBMISSION TYPE**: MA/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20260113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.
- **CENTRAL INDEX KEY:** 0000107238

**ORGANIZATION NAME:**
- **EIN:** 620804968
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-02700
- **FILM NUMBER:** 26528411

**BUSINESS ADDRESS:**
- **STREET 1:** 6750 POPLAR AVENUE
- **STREET 2:** SUITE 300
- **CITY:** MEMPHIS (SHELBY)
- **STATE:** TN
- **ZIP:** 38138-7424
- **BUSINESS PHONE:** 901-435-4036

**MAIL ADDRESS:**
- **STREET 1:** 6750 POPLAR AVENUE
- **STREET 2:** SUITE 300
- **CITY:** MEMPHIS (SHELBY)
- **STATE:** TN
- **ZIP:** 38138-7424

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.
- **DATE OF NAME CHANGE:** 20221010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DUNCAN-WILLIAMS, INC.
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DUNCAN WILLIAMS INC
- **DATE OF NAME CHANGE:** 20020322

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000107238

**Filer CCC:** XXXXXXXX

**Contact Name:** Jim Cherry

**Contact Phone:** 901-403-4036

**Contact Email:** jim.cherry@southstateduncan.com

**Notification Emails:** heather.howard@southstateduncan.com

### Type of Filing

**Selected Filing Type:** Amendment

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 6950

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 62-0804968

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00932-00

- **Municipal Advisor:** SEC File No: 867-02700

- **Broker-Dealer:** SEC File No: 008-18971, CRD No: 6950

**E. Principal Office and Place of Business:** 6750 POPLAR AVENUE, SUITE 300, MEMPHIS, TN, 38138

**Telephone Number:** 901-435-4036

**Additional Offices of Employment:**

- **Office #1 (Add):** 2850 SHORELINE TRAIL, SUITE 302, ROCKWALL, TX, 75032 | Phone: 713-479-6086

- **Office #2 (Add):** 9 GREENWAY PLAZA, SUITE 3120, HOUSTON, TX, 77046 | Phone: 713-821-2520

- **Office #3 (NewAdd):** 6525 Carnegie Blvd., Suite 410, CHARLOTTE, NC, 28211 | Phone: 704-654-3327

**Mailing Address is Different from Principal Office:** No

**F. Website:** southstateduncanwilliams.com

**G. Chief Compliance Officer (CCO):**

**Name:** James Crowell Cherry

**Address:** 6750 POPLAR AVENUE, SUITE 300, MEMPHIS, TN, 38138

**Phone Number:** 901-403-4036

**Email:** jim.cherry@southstateduncan.com

**H. Business Affiliates:**

- **Name:** SouthState Bank, National Association

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Corporation

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** TN

**D. Date of Organization:** 03-27-1969

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 95

**B. Municipal Advisory Activities - Employees:** 2

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 2

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 0

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice Guaranteed IC, Advice Use Of MD, Advice On Selection

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Broker-dealer municipal securities dealer or government securities broker or dealer, Banking/Thrift institution, Banking/Thrift institution, Broker-dealer municipal securities dealer or government securities broker or dealer

**Total Associated Persons:** 2

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** Yes

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** Yes

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** Yes

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** No

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** Yes

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** Yes

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                                  | Title/Status                | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| SouthState Bank, National Association | Shareholder                 | 02-01-2021      | E - 75% or more   | Yes               |  |  |
| James Crowell Cherry                  | Chief Compliance Officer    | 06-01-2013      | NA - less than 5% | Yes               |  | 2870353      |
| Stuart Lee Hodges                     | Chief Financial Officer     | 02-01-2022      | NA - less than 5% | Yes               |  | 7370566      |
| Nolen Fredrick Turnage                | President                   | 03-01-2025      | NA - less than 5% | Yes               |  | 2238125      |
| Matthew Eldon Dustin                  | Municipal Advisor Principal | 06-24-2024      | NA - less than 5% | Yes               |  | 6191220      |

### Schedule B: Indirect Owners

| Owning Entity                         | Name             | Title/Status   | Date Acquired   | Ownership Code   | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| SouthState Bank, National Association | SouthState Corp. | Shareholder    | 02-01-2021      | E - 75% or more  | Yes               |  |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity                         | Name                                  | Title/Status                | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | SouthState Bank, National Association | Shareholder                 | 02-01-2021      | E - 75% or more   | Yes               |  |  |
|  | Indirect    | SouthState Bank, National Association | SouthState Corp.                      | Shareholder                 | 02-01-2021      | E - 75% or more   | Yes               |  |  |
|  | Direct      |  | James Crowell Cherry                  | Chief Compliance Officer    | 06-01-2013      | NA - less than 5% | Yes               |  | 2870353      |
|  | Direct      |  | Stuart Lee Hodges                     | Chief Financial Officer     | 02-01-2022      | NA - less than 5% | Yes               |  | 7370566      |
|  | Direct      |  | Nolen Fredrick Turnage                | President                   | 03-01-2025      | NA - less than 5% | Yes               |  | 2238125      |
|  | Direct      |  | Matthew Eldon Dustin                  | Municipal Advisor Principal | 06-24-2024      | NA - less than 5% | Yes               |  | 6191220      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 1851660

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1851660

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-C1, 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 1826125

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1826125

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 1627337

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1627337

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Crorp.

- **CRD Number:** 6950

- **Disclosure Number:** 1610640

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1610640

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 1601985

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1601985

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 1329258

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 1329258

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 689564

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 689564

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthStateDuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 322753

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 322753

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for SouthState|DuncanWilliams Securities Corp.

- **CRD Number:** 6950

- **Disclosure Number:** 113672

  - **Associated Person:** —

  - **CRD Number:** 6950

  - **Filed On (AP):** Form ADV/BD/U4 for SOUTHSTATE|DUNCANWILLIAMS SECURITIES CORP.

  - **Disclosure Number:** 113672

### Execution Page

**Signature:** Jim Cherry

**Signer Name:** Jim Cherry

**Title:** Chief Compliance Officer

**Date:** 12-15-2025

**CRD Number:** 2870353