Quantcast

Carolina Trust BancShares Acquires Clover Community Bankshares


Shutterstock photo

Carolina Trust BancShares ( CART ), the parent company of Carolina Trust Bank, said pre-market Friday that it has acquired Clover Community Bankshares and its unit Clover Community Bank.

Each share of Clover common stock and preferred stock will be exchanged, at the election of each Clover shareholder, for either 2.7181 shares of Carolina Trust common stock or $22.00 in cash.

Carolina Trust anticipates issuing 2.1 million shares of common stock in the merger.

Based on Carolina Trust's 10-day volume weighted average closing price of $8.09 per share as of June 12, the aggregate deal value is $21.5 million.

The combined organization is expected to have $600 million in assets, $450 million in loans, $500 million in deposits and $65 million in shareholders' equity.

With 11 full-service banking offices and 1 loan production office, the combined organization will be better positioned to serve the businesses and consumers in its markets.

Carolina Trust said it will fund the cash portion of the consideration from internal sources.

The deal is expected to be highly accretive to Carolina Trust's earnings, with a tangible book value earnback period of approximately three years.

The acquisition is expected to be completed during Q4.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , ETFs
Referenced Symbols: CART




More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities












Research Brokers before you trade

Want to trade FX?