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Carolina Trust completes acquisition of Clover Community

Jan. 9. Carolina Trust Bank has completed its merger with Clover Community Bankshares, resulting in a $600 million banking company headquartered in Lincolnton. The $21 million acquisition of South Carolina-based Clover Community was announced in June last year.

Jerry L. Ocheltree, president and CEO of Carolina Trust, said the same employees that served Clover customers before the acquisition will “continue to be there to assist” with their banking needs.

“The combination of our services should be able to meet all of your banking needs with state-of-the-art technology that we will be bringing to Clover’s markets,” he said.

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 has two full-service branches in Clover and Lake Wylie.

According to the June 15, 2018 press release announcing the deal, the combined institutions will have about $600 million in assets, $450 million in loans, $500 million in deposits and $65 million in shareholder equity.

Carolina Trust has a full-service branch in Mooresville, as well as branches in Lincoln, Rutherford, Gaston and Catawba counties. It also has a loan production office in Salisbury.

Under the terms of the approved merger 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 $22 in cash, subject to customary proration procedures that will result in an aggregate 80 percent stock/20 percent cash consideration mix.

The deadline for Clover shareholders to elect the form of merger consideration they wish to receive will be 5 p.m. Eastern time Feb. 15. If a Clover shareholder’s election is not timely and properly made, the shareholder will be deemed to have made a “no election” as to the form of consideration such holder prefers to receive in exchange for the holder’s shares of Clover stock.

Clover shareholders deemed to have made a “no election” will receive either cash, shares of Carolina Trust common stock or a combination of cash and shares of Carolina Trust common stock as determined by Carolina Trust and Broadridge Corp. Issuer Solutions, Inc., the exchange agent for the merger.

Clover shareholders should expect to receive election forms and customary transmittal materials in mid-January 2019.

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