First National Corp. of Orangeburg, S.C., said last week that it would buy FirstBancorporation of Beaufort, S.C., for $34.7 million in stock.

FirstBancorporation has $105 million of assets and two bank subsidiaries. One does business in Beaufort County, a resort area just north of Savannah, Ga., and the second 130 miles north in Columbia, S.C., the state capital.

Both are attractive markets, said C. John Hipp 3d, president and chief executive officer of $650 million-asset First National.

First National Bank, the acquirer's subsidiary, has two offices in Beaufort County and a mortgage office in Columbia.

The deal is expected to close during the third quarter.

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.