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CresCom gets regulatory, shareholders approval for Greer State Bank acquisition, customers will see change April 10

By Jim Fair, Editor
Published on Tuesday, March 14, 2017

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Greer State Bank's sale to Carolina Financial Corporation (CresCom) closes Saturday.
 

Greer State Bank's sale to Carolina Financial Corporation (CresCom) closes Saturday.

 



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Carolina Financial Corporation (CresCom) begins servicing Greer State Bank customers on April 10,
 

Carolina Financial Corporation (CresCom) begins servicing Greer State Bank customers on April 10,

 

CresCom Bank (Carolina Financial Corporation) begins servicing Greer State Bank’s customer accounts and services on April 10.

Shareholders for Greer Bancshares, Inc., the holding company for Greer State Bank, approved the merger agreement last Thursday. The bank’s 27-year existence formally ends April 7.

All required regulatory and shareholder approvals for the acquisition have been received, and the mergers are expected to be consummated on March 18.

CresCom (NASDAQ: CARO) introduced itself to its new customers via a welcoming letter and guide plus a terms and conditions booklet that began circulating Monday.

Neither CresCom nor Greer State Bank have announced personnel moves. The transition process has been ongoing since the merger announcement last November.

CresCom announced the $45.1 million merger agreement last November based on the per share price of $18. The deal reportedly included 10 percent of the consideration paid in cash and 90 percent in newly issued shares of Carolina Financial common stock.

CresCom has assets reportedly at $1.7 billion as of Dec. 31 2016. At the time of the merger agreement Greer Bancshares reported assets of $390 million, gross loans of $211 million and deposits of $296 million.

It’s the second merger transaction for CresCom in the past year. CresCom acquired Congaree Bancshares, Inc., during the second quarter of 2016.

 

 

 

 

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