Coastal Carolina to buy Beacon Holding in S.C. bank merger
Coastal Carolina Bancshares in Myrtle Beach, S.C., has agreed to buy Beacon Holding Co. in Charleston, S.C.
Coastal Carolina said in a press release that it will exchange stock for the parent of Beacon Community Bank. The deal is expected to close in the third or fourth quarter.
The combined bank will be rebranded as Beacon Bank. Coastal will have eight of the board’s 15 seats.
Laurence Bolchoz will remain Coastal Carolina’s president and CEO. Brooks Melton, Beacon’s CEO, will become chief risk officer.
“Our board … is extremely excited to join with Beacon to create a premier South Carolina community banking franchise,” Bolchoz said in the release. “We believe the strong cultural and operational alignment of our organizations will drive profitability and enhance shareholder value, and benefit our customers, employees and the communities we serve”.
Raymond James and Wyrick Robbins Yates & Ponton advised Coastal. Keefe, Bruyette & Woods and Nelson Mullins Riley & Scarborough advised Beacon.