Carolina Financial Corp. of Charleston, South Carolina has merged with Congaree Bancshares Inc.
As a result of the merger, Congaree State Bank and CresCom Bank will also merge; operations will eventually all be under the CresCom umbrella. Bank officials anticipate the changeover will be complete in July.
Shareholders in Congaree can received $8.10 for each of their Congaree common stock shares. This is payable at their election and may be received in cash or Carolina Financial common stock shares.
The agreement states that 40 percent of the consideration will be paid out in cash, with the 60 percent balance to be paid in Carolina Financial Corp. common stock shares.
As of March 31, 2016, Carolina Financial had approximately $1.5 billion in total assets.