FIG Has Now Advised On 24 Whole Bank Transactions Nationwide
Totaling Over $1.7 Billion Since 2015
ATLANTA, May 13, 2016 — Coastal Carolina Bancshares, Inc. (CCBI), the parent company of Coastal Carolina National Bank (CCNB), and VistaBank have announced a definitive merger agreement.
VistaBank will merge into CCNB and its shareholders will receive a combination of cash and stock valued at $12.2 million. Each VistaBank share will be exchanged for either $5.32 in cash or $5.32 of CCBI common stock based on the book value of CCBI stock as of the month end preceding the closing date, or a combination of cash and CCBI stock. VistaBank shareholders will have the opportunity to elect between stock or cash, subject to the limitation that 75% of VistaBank shares will be exchanged for stock and 25% of VistaBank shares will be exchanged for cash.
VistaBank’s shareholders are expected to own approximately 34% of the combined company, and CCNB’s shareholders are expected to own approximately 66% of the combined company. The transaction is expected to be accretive to earnings immediately.
The combined bank will be headquartered in Myrtle Beach, SC, with six full-service offices serving Myrtle Beach, Garden City, North Myrtle Beach, Conway, Aiken and Columbia, SC. On a combined basis, the bank will have approximately $288 million in assets; $200 million in loans; $251 million in deposits; and a strong capital position of approximately $26 million. The transaction is expected to close in the fourth quarter of 2016.
FIG Partners served as financial advisor to CCBI and John Schramm, Principal, was the lead banker in this transaction.
Laurence S. Bolchoz Jr. will remain President and Chief Executive Officer of CCNB, and Paul R. Dusenbury, President and Chief Executive Officer of VistaBank, will join the CCNB executive team as Executive Vice President and Chief Risk Officer.
“CCNB and VistaBank are young, healthy, and growing banks. Merging these financially sound institutions is a natural fit,” said Bolchoz. “Both banks are led by seasoned community bankers who make local decisions to serve the communities in which we operate. The core values which both CCNB and VistaBank share will guide our team as we grow throughout the markets we serve. The merger creates efficiencies and opportunities for earnings growth which should produce greater shareholder value than either bank could achieve on a stand-alone basis.”
More information from CCBI is available here.
To learn more about FIG Partners, please visit www.figpartners.com.