Carolina Trust BancShares and Clover Community announce shareholder approvals for merger
December 13, 2018
Carolina Trust BancShares, Inc., the parent company of Carolina Trust Bank, and Clover Community Bankshares, Inc., parent company of Clover Community Bank, jointly announced the receipt of required shareholder approvals to consummate their previously announced merger. At separate shareholders’ meetings held on December 12, 2018, each parent company’s respective shareholders approved the merger agreement and the transactions contemplated thereby, including the merger of Clover with and into Carolina Trust.
The merger, which has received all required regulatory approvals, is expected to close on January 1, 2019, subject to satisfaction of other customary closing conditions.
Under the terms of the approved merger agreement, each share of Clover common stock and preferred stock will be exchanged, at the election of each Clover shareholder, for either 2.7181 shares of Carolina Trust common stock or $22.00 in cash, subject to customary proration procedures that will result in an aggregate 80% stock/20% cash consideration mix. Assuming closing of the merger on January 1, 2019, Clover shareholders should expect to receive election forms and customary transmittal materials in mid-January 2019.
About Carolina Trust BancShares, Inc.
Carolina Trust is the registered bank holding company of Carolina Trust Bank. Carolina Trust Bank is a full-service, state-chartered community bank headquartered in Lincolnton, NC operating nine full-service offices and one loan production office. Carolina Trust Bank provides a highly competitive suite 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, NC.
About Clover Community Bankshares, Inc.
Clover is a registered bank holding company headquartered in Clover, SC, and is the parent company for Clover Community Bank. Clover Community Bank is a South Carolina-chartered bank that was formed in 1987 in response to the area’s need for a locally owned and operated community bank. Clover Community Bank operates two full-service branches in Clover and Lake Wylie, SC.
