South Carolina's largest bank is selling three branches and $45 million of deposits in the state to a smaller competitor.
Carolina First Bank in Greenville said this week that it would sell the branches to First National Bank for an undisclosed price.
First National Bank of Orangeburg, S.C., is a subsidiary of First National Corp., a three-bank company with about $800 million of assets. First National Bank operates 27 branches in nine South Carolina counties.
Carolina First, with $2.7 billion of assets, has 73 branches in South Carolina.
Last week the company announced a string of deals that would establish a 13-branch, $300 million-asset presence in Florida.
James W. Terry Jr., president of Carolina First, said that selling the branches "permits us to focus our efforts and gain efficiency improvements." The deal is expected to be completed in the third quarter.