Anchor Financial Corp., Myrtle Beach, S.C., has announced plans to buy M&M Financial Corp., a $170 million-asset banking company in Marion, S.C., for about $35.5 million.

Anchor, with $625 million of assets, said it would exchange 0.87 of a share for each M&M share.

Anchor also has a deal to buy Comsouth Bancshares, Columbia, S.C. Combined, the transactions would boost Anchor's assets to more than $1 billion and expand its network in the Carolinas to 28 branches.

"The partnership with M&M Financial adds strength to our growing franchise," said Stephen L. Chryst, Anchor's president and chief executive officer.

The deal is scheduled to close in the third quarter. At that time M&M's subsidiary, First National South, would assume the Anchor Bank name.

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