CresCom buys branches from Virginia bank

08/07/2014 3:43 PM

08/07/2014 3:44 PM

CresCom Bank has entered into a definitive agreement to buy 13 branches of First Community Bank of Bluefield, Va.

Six of the branches are located in Brunswick County, N.C., and three are in South Carolina, including one each in Conway and Little River.

The bank paid about $7 million for the branches, said Jerry Rexroad, CEO of Carolina Financial Corp., which owns CresCom.

“These branches are in key markets and coastal regions very similar to our current markets,” Rexroad said.

CresCom operates primarily along the Grand Strand and in Charleston.

Upon completion of the transaction, CresCom is expected to have approximately $1.3 billion in assets, $700 million on loans and $1 billion in deposits.

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