Shareholders of Dogwood State Bank and Community First Bancorporation approve merger

May 23, 2024

At separate shareholder meetings, shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK), the parent holding company of Community First Bank, Inc., approved the previously announced merger of Community First with and into Dogwood.

Community First Bancorporation is a multi-state bank holding company with total assets of approximately $684 million, headquartered in Seneca, SC.

The parties expect the merger to close early in the third quarter of 2024, subject to satisfaction of customary closing conditions, including the receipt of all required regulatory approvals. Based on financial information as of March 31, 2024, the combined company would have approximately $2.13 billion in assets, $1.80 billion in deposits and $1.66 billion in loans.

Dogwood State Bank is a North Carolina state-chartered community bank headquartered in Raleigh with approximately $1.45 billion in total assets.