CresCom Bank to Acquire St. George Branch from First Federal of S.C.
August 28, 2013, Myrtle Beach, S.C. – CresCom Bank and First Federal of S.C. announced today that they have entered into a purchase and assumption agreement for the First Federal of S.C. branch in St. George, S.C.
The transaction, which is subject to regulatory approval and other standard closing conditions, is expected to be completed in late 2013 or early 2014. The new CresCom Bank branch will be located at 5561 West Memorial Blvd. in St. George. Upon completion of the transaction, all current First Federal of S.C. employees at the St. George branch are expected to become employees of CresCom Bank. CresCom Bank will acquire the real estate, equipment, substantially all of the loans, and certain other assets, and assume the deposits associated with the St. George branch.
“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 commercial property acquisition in the Litchfield/Pawleys Island market, we will soon offer customers 12 branch locations throughout South Carolina.”
Last month, CresCom Bank acquired a branch site located at 13021 Ocean Hwy. in Pawleys Island, S.C., with the anticipation of opening an additional branch location in late 2013. Currently, CresCom Bank has four branch locations within the Myrtle Beach area and six locations within the Charleston market.
“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,” said Arnold Zipperer, III, President and CEO of First Federal of S.C. “The decision to sell our branch to CresCom Bank is beneficial for both companies and for our St. George customers. This transaction allows us to continue to focus on our opportunities in Walterboro and Edisto Beach where we plan to continue growing our existing customer base and accounts.”
CresCom Bank was advised in this transaction by Nelson Mullins Riley & Scarborough LLP as legal advisor. First Federal of S.C. was advised by Banks Street Partners, LLC as financial advisor and Bryan Cave LLP as legal advisor.
About First Federal of S.C.
First Federal of South Carolina, FSB, the subsidiary of First Carolina Bancshares, MHC is a federally chartered savings bank headquartered in Walterboro, South Carolina. First Federal was chartered in 1963 as a mutual association and converted to a stock savings and loan on November 14, 1994.
First Federal offers exceptional loan and deposit products to customers in the Low Country area of South Carolina. After the consummation of this transaction, First Federal will have two offices in Walterboro, SC and one location in Edisto Beach, SC.