Dogwood State Bank in Raleigh, N.C., has agreed to buy Community First Bancorp. in Seneca, S.C.
The $1.4 billion-asset Dogwood said in a press release that it will pay stock for the $685 million-asset Community First. The price wasn’t disclosed. The deal is expected to close in the second half of this year.
Dogwood recently raised $16.4 million in capital.
The acquisition “unlocks long-term growth potential for shareholders and access to significant scale in the Upstate of ,” Steve Jones, Dogwood’s president and CEO, said in the release. “With this transaction, we will have a meaningful presence in the largest major growth markets in the Carolinas.”
Two Community First directors will join Dogwood’s board.
Piper Sandler and advised Dogwood. D.A. Davidson and Brooks Pierce advised Community First.