Carolina Trust BancShares Inc., parent company of Carolina Trust Bank, has completed its previously announced merger with Clover Community Bankshares Inc., parent company of Clover Community Bank.
The merger, announced last June and approved by shareholders of each company in December, has created a combined organization with approximately $600 million in assets, $450 million in loans, $500 million in deposits and $65 million in shareholders’ equity. The new organization has 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. Clover shareholders will receive election forms and transmittal materials in mid-January, and the deadline to choose a form of merger consideration is Feb. 15 at 5 p.m., according to a news release.
“I’d like to welcome the Clover customers, shareholders and employees into the Carolina Trust family,” said Jerry L. Ocheltree, president and CEO of Carolina Trust, in the release. “We are excited about our expansion into the communities that Clover Community Bank served for so many years and that the same employees that served you before will continue to be there to assist you with your banking needs. The combination of our services should be able to meet all of your banking needs with state-of-the-art technology that we will be bringing to Clover’s markets.”