CAROLINA FIRST CORPORATION ANNOUNCES PURCHASE OF COMMON SHARES OF COMSOUTH BANKSHARES, INC.
CAROLINA FIRST CORPORATION ANNOUNCES PURCHASE OF COMMON SHARES OF COMSOUTH BANKSHARES, INC. GREENVILLE, S.C., July 21 /PRNewswire/ -- Carolina First Corporation (NASDAQ: CAFC) announced the purchase of 4.9 percent of the common shares of ComSouth Bankshares, Inc. ("ComSouth") and the option to acquire an additional 4.9 percent upon receipt of regulatory approval. ComSouth is a bank holding company that operates through its two wholly- owned subsidiaries, the Commercial Bank of the South in Columbia, South Carolina and the Bank of Charleston in Charleston, South Carolina. Carolina First's purpose in the transaction is a possible acquisition of all or a portion of ComSouth or its subsidiaries. Mack I. Whittle, President and Chief Executive Officer of Carolina First Corporation, said, "Our goal is to make Carolina First a statewide financial institution and, if we are able to reach an agreement with ComSouth, we would make significant progress in expanding our market presence throughout South Carolina. It is also important to recognize that the management at ComSouth shares our same banking philosophy -- to provide high quality state-of-the-art products and services with a personal touch that recognizes each customer's individual needs." Carolina First Corporation is a $488 million asset financial institution holding company that offers a broad range of commercial and consumer financial services through its two subsidiaries, Carolina First Bank and Carolina First Savings Bank. Carolina First Bank is a state-chartered commercial bank that operates eight branches principally in northwestern South Carolina. Carolina First Savings Bank, headquartered in Georgetown, S.C., is a federally chartered savings bank with eight branches in coastal South Carolina. Carolina First's common stock is traded in the NASDAQ National Market System under the trading symbol CAFC; its preferred stock is traded over-the-counter under the symbol CAFCP. Market makers include J.C. Bradford & Co., Interstate/Johnson Lane Securities and The Robinson-Humphrey Company, Inc. -0- 7/21/92 /CONTACT: William S. Hummers, III, (News Media) Carolina First Corporation, 803-255-7913/ (CAFC) CO: Carolina First Corporation ST: South Carolina IN: FIN SU:
JZ -- CH011 -- 1512 07/21/92 16:28 EDT
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|Date:||Jul 21, 1992|
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