GREENWOOD, S.C. - Community Capital Corp. announced Tuesday that it plans to sell five of its 17 CapitalBank branches to $118 million-asset Enterprise Bank of South Carolina in Ehrhardt.
The branches have deposits totaling about $70 million and are located in the southwestern part of the state. The terms of the transaction were not disclosed.
The $422 million-asset company is selling the branches in order to focus its efforts on the upper part of the state, said William G. Stevens, chief executive officer of CapitalBank. Earlier this month, Community Capital also announced the consolidation of its five subsidiaries under a single charter and the CapitalBank name.
The deal is expected to close in the second quarter.