Carolina Trust to buy Carolina Commerce - Charlotte Business Journal:

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million. Carolina Commerce shareholders willreceivw 0.6250 shares of Carolina Trusf common stock for each share of Carolina Commercre common stock they own. In addition, each outstanding optionh to purchase Carolina Commerce common stock will become an optionn topurchase 0.6250 shares of common stock of Carolina The transaction has been approved by the directors of both The deal is valuec at $4.47 per share for each sharr of Carolina Commerce common The transaction’s value will rise or fall, based on Carolina Trust’s closintg price per share the day before the deal is completed.
The transaction is slated to close in thefourth “We are excited about our new partnership with Carolinwa Commerce,” says J. Michael chief executive of Carolina Trust. “Thixs transaction will expand our network into the growing Gastonias and GastonCounty market, and we believe our entr into this market, with its proximity to the Charlottwe metropolitan region, will result in increasedd value to our shareholders.” Carolina Trusy will appoint two Carolina Commerce directors to its Carolina Commerce, founded in 2004, operatexs one branch in Gastonia. As of March 31, it had assetw of $103.5 million, deposits of $85.6 million, loanxs of $75.1 million and $9.
8 million in shareholders’ equity. Carolin Trust (NASDAQ:CART) operates five branches in Lincol n and Catawba counties anda loan-production office in Rutherford County. As of Marcu 31, it had assets of $171.6 million, loans of $143.2 million, deposits of $135. 2 million and shareholders’ equity of $20.q1 million.