Post merger, the united entity will operate three full-service branches situated at Spartanburg, South Carolina, Asheville and Hendersonville; a loan production office in Charlotte; and a proposed branch office to be located in Seneca.
The lender, on a pooled basis, will have nearly $385m in assets, about $277m in loans, around $314m in deposits, and a strong capital position of almost $50m.
Subject to concerned regulatory approvals, as well the shareholders approvals of both the firms, the transaction is likely to complete during the first quarter of 2014.
In exchange for each outstanding FCB share, its shareholders will receive 0.755 newly issued shares of CAB, subsequently FCB shareholders will own nearly 40% of the integrated bank.
John Poole will assume the post of CEO of Carolina Alliance Bank, while John Kimberly, current president and chief executive officer of Forest Commercial Bank, will become president of the bank.
FIG Partners and Banks Street Partners acted as financial advisers to Carolina Alliance and Forest Commercial, respectively, while Nelson Mullins Riley & Scarborough and Wyrick Robbins Yates & Ponton served as legal counsel to Carolina Alliance and Forest Commercial, respectively.
