Waccamaw Bankshares Inc. of Whiteville, N.C., said in a Securities and Exchange Commission filing Monday that it is buying the $20 million-asset Bank of Heath Springs in South Carolina for $8 million in cash.
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It would be Waccamaw's first acquisition in South Carolina.
"South Carolina has been a strategic priority for us due to its attractive market characteristics," Waccamaw president and chief executive James Graham said in a press release issued Tuesday.
Heath Springs' one branch would be merged with the $318-million-asset Waccamaw Bank, a subsidiary of Waccamaw Bankshares. Waccamaw has seven branches in three North Carolina counties.
The deal is expected to close in the second quarter.
