CresCom Bank in Myrtle Beach, S.C., has agreed to buy a branch from First Carolina Bancshares in Waterboro, S.C.
CresCom, an $878 million-asset unit of Carolina Financial, said it will buy the St. George, S.C., branch, along with its deposits and "substantially all of the loans." Financial terms were not disclosed. The deal is expected to close by early 2014.
"We're excited about the future growth opportunity along the I-26 and I-95 corridors, and this latest branch in St. George helps us expand our community bank offerings within Dorchester County," David Morrow, CresCom's chief executive, said in a press release. "Combined with our recent commercial property acquisition in the Litchfield/Pawleys Island market, we will soon offer customers 12 branch locations throughout South Carolina." CresCom Bank received legal advised from Nelson Mullins Riley & Scarborough. First Carolina, the parent of the $103 million-asset First Federal of South Carolina, was advised by Banks Street Partners and Bryan Cave.