First Citizens Bancorp. in Columbia, S.C., announced an agreement to acquire an in-state neighbor, Exchange Bank, for $15 million in stock and cash.

The deal is expected to close by the end of the third quarter.

Estill-based Exchange, with $94 million of assets and four branches, would operate as a subsidiary.

First Citizens, with $2.3 billion of assets, operates 135 branches under the name First Citizens Bank and Trust Company of South Carolina.

- Louis Whiteman

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.