First Community Corp. in Lexington, S.C., on Wednesday agreed to buy the assets of Palmetto South Mortgage Corp. of Columbia, S.C.

The $607.3 million-asset company said it expects to complete the deal on July 31.

The purchase price will be paid over three years based on the achievement of certain profitability metrics.

Palmetto South, formed in 2001, will remain a separate unit.

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