Carolina Trust BancShares Inc., parent company of Carolina Trust Bank, and Clover Community Bankshares Inc., parent company of Clover Community Bank, have received shareholder approval of a merger expected to close Jan. 1.
Each company’s shareholders approved the merger, which has also received all required regulatory approvals, at separate meetings on Wednesday, according to a news release.
The merger, which will create a combined organization with approximately $600 million in assets, $450 million in loans, $500 million in deposits and $65 million in shareholders’ equity, was announced in June. The new organization will have 11 full-service banking offices, including two branches in York County and nine in North Carolina.
Under the terms of the merger agreement, each share of Clover common stock and preferred stock will be exchanged for either 2.7181 shares of Carolina Trust common stock or $22 cash. Assuming a Jan. 1 closing, Clover shareholders should expect to receive election forms and transmittal materials in mid-January.