CresCom Bank purchases St. George branch of First Federal of S.C.

By Ashley Barker
abarker@scbiznews.com
Published Feb. 25, 2014

A St. George bank was recently purchased by a company that already operates nearly a half dozen branches in South Carolina.

CresCom Bank completed its acquisition of the First Federal of South Carolina branch at 5561 W. Memorial Blvd. in St. George last week, according to a news release from CresCom Bank. The transaction was initially announced in August 2013.

“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,” CresCom Bank CEO David Morrow said in a statement.

The acquisition added approximately $24 million in deposits and more than $11 million in loans to CresCom Bank, the company said.

The bank recently opened a branch in Pawleys Island at 13021 Ocean Highway. CresCom, a subsidiary of Carolina Financial Corp., now operates 12 branches throughout the state.

CresCom Bank plans to open a branch at Cane Bay in Charleston in the second quarter, according to a bank report.

As of the end of 2013, Carolina Financial Corp. had $881 million in total assets.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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