First National Bancshares Inc. of Spartanburg, S.C., announced plans Monday to buy the $226 million-asset Carolina National Corp. of Columbia, S.C., for $59 million in a deal that would create the ninth-largest banking company headquartered in the state.
The deal would add five branches to the $557 million-asset First National's six-branch network. On a pro forma basis, the combined company would have almost $800 million of assets, $636 million of deposits, and more than $650 million of loans, First National said in a press release.
"We are very excited to add Carolina National's team to our growing organization," Jerry L. Calvert, First National's president and chief executive officer, said in the release. "We view Columbia as an important market in South Carolina, and this transaction is a key strategic move to accelerate our growth from our existing loan production office there."
The deal is expected to close in the first quarter.
