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Carolina Trust BancShares completes Clover Community Bankshares acquisition.

M2 EQUITYBITES-January 4, 2019--Carolina Trust BancShares completes Clover Community Bankshares acquisition


Global Banking News - 04 January 2019

Carolina Trust BancShares Inc. (NASDAQ: CART), the parent company of Carolina Trust Bank, has said that it has completed its previously announced merger with Clover Community Bankshares Inc., parent company of Clover Community Bank.

As per the agreement, each share of Clover common stock and preferred stock was converted into the right to receive, at the election of each Clover shareholder, either 2.7181 shares of Carolina Trust common stock or USD22.00 in cash, subject to customary conditions that will result in an aggregate 80 percent stock/20 percent cash consideration mix. As per the agreement, Clover's subsidiary bank, Clover Community Bank, has merged with Carolina Trust Bank, the wholly owned banking subsidiary of Carolina Trust.

The deadline for Clover shareholders to elect the form of merger consideration will be 5:00 p.m. Eastern time on February 15, 2019.

Carolina Trust is the registered bank holding company of Carolina Trust Bank, a full-service, state-chartered community bank. Headquartered in Lincolnton, North Carolina, Carolina Trust Bank provides a range of personal and business banking products and services to customers in the Piedmont and Mountain Regions of North Carolina to the north and west of Charlotte, North Carolina and to customers in the Piedmont Region of South Carolina to the west of Charlotte, North Carolina.

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Publication:M2 EquityBites (EQB)
Date:Jan 4, 2019
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