CRESCOM BANK COMPLETES ACQUISITION OF ST. GEORGE BRANCH FROM FIRST FEDERAL OF SOUTH CAROLINA
February 24, 2014, Charleston, South Carolina – CresCom Bank and First Federal of South Carolina announced today that they have completed the sale of the First Federal of South Carolina branch in St. George, South Carolina to CresCom Bank. The transaction had been announced on August 28, 2013. CresCom Bank added approximately $24.2 million in deposits and $11.6 million in loans receivable as a result of this branch acquisition.
The new CresCom Bank branch is located at 5561 West Memorial Blvd. in St. George. “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 Chief Executive Officer David L. Morrow. “Combined with our recent branch opening in the Litchfield/Pawleys Island market, we now offer customers 12 branch locations throughout South Carolina.”
About CresCom Bank
CresCom Bank is a wholly owned subsidiary of Carolina Financial Corporation (OTCQB: CARO), which also owns and operates Atlanta-based Crescent Mortgage Company. As of December 31, 2013, Carolina Financial Corporation had $881 million in total assets, CresCom Bank operated 11 branch locations in the Charleston and Myrtle Beach areas of South Carolina, and Crescent Mortgage Company originates in 43 states and partnered with 2,000 community banks, credit unions and mortgage brokers, offering access to various loan programs. CresCom Bank offers a strong core of banking products and services. In 2013, Carolina Financial Corporation ranked #9 on ABA Banking Journal’s national list of top performing non-S banks and thrifts with total assets of $100 million to $1 billion.
To learn more about CresCom Bank, visit www.haveanicebank.com or call 1-855-CRESCOM.