RHBT Financial Corp. of Rock Hill, S.C., has a deal to buy South Carolina's oldest bank for $15.8 million in stock - 2.2 times book value.
Bank of Ridgeway, formed in 1898, would remain separate from RHBT's Rock Hill Bank. Four Ridgeway Bancshares directors would join the buyer's board, increasing its membership to 13.
The deal was announced Wednesday and is expected to close by yearend.
RHBT, which has $166.8 million of assets, would pay 26.355 shares of its own stock for each of $67.5 million-asset Ridgeway.
Ridgeway is privately held. Shares of RHBT were trading at $13 at midafternoon Thursday, unchanged from Tuesday's close.