A Myrtle Beach bank is merging with an Aiken financial institution and combined will have approximately $288 million in assets.
Coastal Carolina Bancshares, Inc., parent company of Coastal Carolina National Bank, and VistaBank announced their merger Thursday evening. The combined bank will be headquartered in Myrtle Beach with six full-service offices serving Myrtle Beach, Garden City, North Myrtle Beach, Conway, Aiken and Columbia, according to a release from CCNB.
The merger should be finalized by late 2016 subject to receipt of regulatory approvals and the approval of the shareholders of VistaBank, according to the release. Combined the bank will have approximately $200 million in loans, approximately $251 million in deposits, and a capital position of approximately $26 million.
“CCNB and VistaBank are young, healthy, and growing banks. Merging these financially sound institutions is a natural fit,” said Laurence S. Bolchoz Jr., president of CCNB.
Under the terms of the merger agreement, shareholders of VistaBank 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, shares 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 common stock. VistaBank shareholders will have the opportunity to elect between CCBI stock, cash or a mixture of CCBI stock and cash, subject to the limitation that 75% of VistaBank shares will be exchanged for CCBI stock and 25% of VistaBank shares will be exchanged for cash.
As a result of the transaction, 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.