Carolina Alliance Bank in Spartanburg, S.C., has agreed to buy PBSC Financial in Greenville, S.C.
The $429 million-asset Carolina Alliance said in a press release Tuesday that it will pay $23.3 million, or $12 a share, in cash and stock for PBSC, the $154 million-asset parent of Pinnacle Bank. The transaction is expected to close in the fourth quarter.
Carolina Alliance said it would have eight branches, $461 million in loans and $461 million in deposits when the acquisition is completed. The company expects to cut overall noninterest expenses by 6% to 8% and for the deal to be immediately accretive to earnings per share.
"Carolina Alliance and Pinnacle Bank are young, healthy and growing banks," John Poole, Carolina Alliance's chief executive, said in the release. "Merging these financially sound institutions is a natural fit to bridge our Spartanburg and western upstate offices."
Carolina Alliance was advised by FIG Partners and Nelson Mullins Riley & Scarborough. PBSC was advised by SunTrust Robinson Humphrey and Bryan Cave.