Cooperative Bankshares Inc. in Wilmington, N.C., said Wednesday it has a deal to buy the $15 million-asset Bank of Jefferson in South Carolina.
"Expansion into South Carolina has long been a strategic goal of ours," said Frederick Willetts 3rd, the chairman, president, and chief executive officer of the $860 million-asset Cooperative. "This acquisition gives us the opportunity to move into the Grand Strand area, along with gaining experienced management and a very stable customer base."
Cooperative did not say how much it would pay.
Megan R. Malanga, an analyst at Stifel, Nicolaus & Co. Inc., said Bank of Jefferson's one branch would give Cooperative a "low-risk" toehold in a state with significant growth opportunity.
Buying Bank of Jefferson would help Cooperative take a step toward its goal of extending its branch network into the demographically attractive Myrtle Beach market and along the South Carolina coast, she said.
The deal is expected to close in the third quarter.
