$16.3M merger between Carolina Financial, Congaree completed

by Staff

Carolina Financial Corp., the parent company of Charleston-based CresCom Bank, completed its merger with Congaree Bancshares Inc., the parent company of Cayce-based Congaree State Bank, earlier this week, according to a filing with the U.S. Securities and Exchange Commission.

Carolina Financial expects to integrate Congaree into its systems in July, the filing said.

In January, the companies signed an agreement to merge in a cash-and-stock transaction worth $16.3 million, including about $1.6 million in preferred stock. Last week, Congaree shareholders voted to approve the merger.

Congaree shareholders will receive $8.10 for each share of common stock, with 40% to be paid in cash and 60% in newly issued Carolina Financial stock.

As of March 31, Carolina Financial had $1.5 billion in total assets.