CresCom Bank to acquire St. George branch of First Federal of S.C.

Staff Report
Published Aug. 29, 2013

CresCom Bank entered into a purchase and assumption agreement to acquire a St. George branch from First Federal of S.C.

The transaction, which is subject to regulatory approval, is expected to be completed by late this year or early next year.

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Last month, CresCom Bank acquired a branch site in Pawleys Island and anticipates opening an additional branch location late this year.

Upon completion of this transaction, all current First Federal of S.C. employees at the St. George branch, at 5561 W. Memorial Blvd., are expected to become CresCom employees.

CresCom Bank will acquire the real estate, equipment, substantially all of the loans and certain other assets of the St. George branch and will assume the deposits associated with it.

“We’re excited about the future growth opportunity along the I-26 and I-95 corridors, and this latest branch in St. George helps us expand our community bank offerings within Dorchester County,” said CresCom Bank CEO David L. Morrow in a news release.

Currently, CresCom Bank has four branch locations in the Myrtle Beach area and six locations in the Charleston market.

Nelson Mullins Riley & Scarborough LLP provided legal advice for CresCom Bank in this transaction. First Federal of S.C. was advised by Banks Street Partners LLC as financial adviser and Bryan Cave LLP as legal adviser.

“We are confident that CresCom Bank will continue to deliver the high-quality banking products and customer service that our St. George customers have grown to depend on,” First Federal of S.C. President Arnold Zipperer III said in a news release. “The decision to sell our branch to CresCom Bank is beneficial for both companies and for our St. George customers.”

CresCom Bank, a subsidiary of Carolina Financial Corp., is a South Carolina state-chartered community bank. The bank wholly owns a wholesale mortgage company, Crescent Mortgage Co., which is headquartered in Atlanta.

First Federal of South Carolina, a subsidiary of First Carolina Bancshares, is a federally chartered savings bank headquartered in Walterboro.

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