CresCom Bank to expand in S.C.

  • Wednesday, August 13, 2014

CresCom Bank, the wholly owned bank subsidiary of Carolina Financial Corporation (NASDAQ: CARO), announced it has entered into a definitive agreement with First Community Bank, Bluefield, Virginia to acquire 13 branches with total deposits of approximately $230 million and approximately $59 million in loans. Three of the offices are in South Carolina and operate under the name “People's Community Bank” and 10 are in southeastern North Carolina. The deposit premium will be approximately 3.11 percent of deposits acquired. Upon completion of the purchase, CresCom Bank will have 27 branch locations, including two new offices planned to open later this summer in Cane Bay and Socastee, South Carolina.

Upon completion of the transaction, CresCom Bank is expected to have approximately $1.2 billion in assets, $0.7 billion in loans and $1 billion in deposits. The transaction is expected to be immediately accretive to Carolina Financial Corporation's fully diluted earnings per share, excluding one-time deal costs.

The transaction, which is subject to regulatory approval and other customary conditions, is expected to close in late 2014 or early 2015. The terms of the agreement have been approved by the board of directors of both companies.

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