Coastal Carolina Bancshares in Myrtle Beach, S.C., has agreed to buy VistaBank in Aiken, S.C.
Coastal Carolina said in a press release Thursday that it will pay $12.2 million in cash and stock for VistaBank. The deal is expected to close in the fourth quarter, creating a company with $288 million in assets.
The deal is expected to be immediately accretive to Coastal Carolina's earnings.
Paul Dusenbury, VistaBank's president and chief executive, will became Coastal Carolina's chief risk officer. Two VistaBank directors will join Coastal Carolina's board.
FIG Partners and Wyrick Robbins Yates & Ponton advised Coastal Carolina. Commerce Street Capital and Nelson Mullins Riley & Scarborough advised VistaBank.