GREENWOOD, S.C. -- Two South Carolina thrifts called off their pending merger after shareholders at one - Greenwood-based United Financial Corporation of South Carolina - declined to approve the Wartsaction.
United Financial, which has $717 million of assets, had planned to merge with American Federal Bank of Greenville, which has $1.2 billion of assets. The combination, announced in April, would have created the largest independently owned financial institution in the state.
Looking for an immediate buyout, an investor group that owns 9.9% of United Financial's stock declared its opposition to the merger in July. The group convinced enough other shareholders so that United Financial failed to get the required 66% majority on Tuesday.
