Anchor Financial Corp. announced plans Tuesday to acquire Comsouth Bancshares, Columbia, S.C., for about $71 million in stock.
Anchor, with $624 million of assets, would pay about $30.75 per share-or 4.6 times book value-for $217 million-asset Comsouth, the parent company of Bank of Charleston and Bank of Columbia. The deal is expected to close in the third quarter and would boost Anchor's assets to nearly $842 million.
"With this merger, we have strengthened our presence in the Charleston market, where we already have two locations, while the Bank of Columbia provides us with a tremendous opportunity to expand into Richland County," said Stephen L. Chryst, Anchor's president and chief executive officer.
Anchor is the parent company of Anchor Bank, which operates 19 branches in the Carolinas. Comsouth's two banks are expected to assume the Anchor name.