FIG Has Now Completed 105 M&A Transactions Totaling
$6.1 Billion In Transaction Value
ATLANTA, June 15, 2018 — Carolina Trust BancShares, Inc. (NASDAQ:CART) and Clover Community Bankshares, Inc. have announced a merger agreement in a stock and cash transaction valued at $21.5 million.
The transaction, expected to close in fourth quarter of 2018, will result in 11 full-service banking offices and a loan production office in North Carolina and South Carolina.
Under the terms of the agreement, each share of Clover common stock and preferred stock will be exchanged for either 2.7181 shares of Carolina Trust common stock or $22.00 in cash. Carolina Trust anticipates issuing approximately 2,125,273 shares of common stock in the merger. Based on Carolina Trust’s 10-day volume weighted average closing price of $8.09 per share as of June 12, 2018, the aggregate deal value is approximately $21.5 million.
Gwen Thompson, President and CEO of Clover, said: “We are excited to partner with Carolina Trust and believe this combination is a great opportunity for all Clover Community stakeholders. Our customers will continue to receive the same high-quality service and care that has distinguished Clover Community Bank over the years, while benefitting from the increased product and technology offerings of a larger institution.”
“Our shareholders will benefit from the increased liquidity of a growing NASDAQ listed company,” Thompson said. “In Carolina Trust, we found a partner who shares our mission of caring for our customers, employees, and community. We are very excited about the future prospects of the combined company.”