Carolina First BancShares, Lincolnton, N.C., said it has agreed to buy Community Bank and Trust Co. for $32 million in stock.

The acquisition would move Carolina First into four new counties in central North Carolina, according to D. Mark Boyd 3d, chairman and chief executive officer.

Carolina First is the holding company of two banks with a combined $547 million of assets and 22 branches. Community Bank and Trust, based in Marion, has seven branches and $101 million of assets. The deal, expected to close during the fourth quarter, would make Community Bank the third bank subsidiary of Carolina First.

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