Citizens Bancshares in Olanta, S.C., has agreed to buy Regional Bankshares in Hartsville, S.C.
The $443 million-asset Citizens said in a press release Friday that it will pay $11.3 million in cash and stock for the $107 million-asset parent of Heritage Community Bank. The deal is expected to close in the third quarter.
Gosnold Segars, Regional’s chairman is expected to join Citizens’ board. Curtis Tyner Sr., Regional’s president and CEO, will serve as a consultant for three years after the deal closes.
“Our banking philosophies are very similar and we have many operational similarities as well,” Blake Gibbons, Citizens’ president, said in the release. “This transaction will strengthen our ability to serve our local markets, consumers and businesses that make [both banks] successful.”
Smith Capital and Haynsworth Sinkler Boyd advised Citizens. FIG Partners and Nelson Mullins Riley & Scarborough advised Regional.