Oconee Federal, Mutual Savings Bank in South Carolina to merge

Joe Sohm/spiritofamerica - stock.adobe.co

Oconee Federal Financial Corp. in Seneca, South Carolina, said it agreed to acquire in-state peer Mutual Savings Bank.

Terms of the deal were not disclosed. The transaction, projected to close late this year or early in 2024, is expected to be immediately accretive to the combined company's earnings and tangible book value per share, the companies said in a joint press release on July 20.  

The $588 million-asset Oconee Federal said that, upon closing, it would bring the $52 million-asset Mutual Savings Bank's one office in Hartsville into its branch network. It said depositors of Mutual would become depositors of Oconee Federal. Mutual President and CEO Patrick Rogers plans to join the combined company as Hartsville area manager.

Oconee Federal currently has five branches in Oconee and Pickens counties in South Carolina and three in Stephens and Rabun counties in Georgia.

"We are very familiar with Mutual, its conservative approach to banking and its deep roots in the communities it serves. We are very excited about the future of our combined company," Curtis Evatt, president and CEO of Oconee Federal, said in the release.

Mutual said that, by joining a larger company, its customers will benefit from a wider array of products and services.

"We've always focused on our community and what our banking clients need. We feel that this merger is an excellent opportunity to enhance the services to and convenience for our customers and the communities we serve," Thomas Goodson, Mutual's chairman, said in the release. "Partnering with Oconee Federal will improve our ability to offer customers a suite of state-of-the-art financial products."