Carolina Alliance Bank in Spartanburg, S.C., is planning to form a holding company.
The $626 million-asset bank said in a press release Wednesday that shareholders are expected to vote on the plan in May. Carolina Alliance did not disclose the name of the planned holding company.
John Poole, the bank's chief executive, would have the same role at the holding company. John Kimberly, the bank's president, would also become its CEO.
"We believe this new corporate structure will provide added financial and operational flexibility … and is an integral step in the continued growth of the company," Terry Cash, the bank's chairman, said in the release.
Carolina Alliance, established in 2007, has eight branches in South Carolina and North Carolina.