The merger between Coastal Carolina National Bank (CCNB) and VistaBank was completed Monday, according to CCNB parent company Coatal Carolina Banchares Inc.
The merged bank, headquartered in Myrtle Beach, oversaw six branches within South Carolina. Shareholders of VistaBank will share in cash and stock valued at $12.2 million. They will be able to choose between CCBI common stock, cash or a mixture of both.
Laurence Bolchoz Jr. will continue to serve as president and CEO of CCNB. Paul Dusenbury, who was the president and CEO of VistaBank before the merger, will be the executive vice president and chief risk officer of CCNB.
"We are very pleased to announce the completion of this transaction. We believe our growing franchise is well-positioned to continue providing convenience for our customers while retaining local leadership and a community bank philosophy," Bolchoz said. "This is an exciting time for CCNB. We have received very strong shareholder and customer support during this process. We are enthusiastic about adding additional talented team members to CCNB who will continue to be focused on the needs of their local communities."
The board of directors will consist of two members of the VistaBank board of directors and the boards of CCBI and CCNB. Four members of the former VistaBank board of directors will join the Aiken advisory board of CCNB.