Carolina Financial Corp. has signed a definitive merger agreement to acquire Greer Bancshares Inc.
Once the acquisition is complete, Greer Bancshares' bank subsidiary, Greer State Bank, will be part of Carolina Financial's bank subsidiary, CresCom Bank. Greer has four banking locations in the Greenville-Anderson-Mauldin, area.
"We are pleased to announce this partnership with Greer State Bank. The Upstate South Carolina market continues to be a growing and dynamic market, and we are excited to expand our current franchise further into the Upstate. We look forward to being able to provide new products and services to our new customers in the Upstate while continuing the same great service Greer State Bank customers have come to love and appreciate from their local bankers," Carolina Financial Corp. CEO Jerry Rexroad said.
The transaction will make Carolina Financial one of the largest South Carolina-based community banks.
"We are excited about partnering with Carolina Financial Corp. and CresCom Bank," Rick Medlock, president and CEO of Greer Bancshares Inc., said. "Our companies share very similar philosophies, cultures and core values. We believe that the strength and resources provided by Carolina Financial Corp. will enable us to expand the products and services available to our customers
The merger, which has been unanimously approved by the boards of directors of each company, is expected to close in the first quarter next year. It is subject to regulatory approval and approval by Greer Bancshares' shareholders.