Oconee Federal Financial in Seneca, S.C., has agreed to buy Mutual Savings Bank in Hartsville, S.C.
The $588 million-asset Oconee said in a press release that it expects buying the $45 million-asset Mutual will be immediately accretive to its earnings per share.
The deal is expected to close in the fourth quarter of 2023 or early 2024.
“We are very familiar with Mutual, its conservative approach to banking and its deep roots in the communities it serves,” Curtis Evatt, Oconee Federal’s president and CEO, said in the release. “We are very excited about the future of our combined company.”
Luse Gorman advised Oconee Federal. Hinman, Howard & Kattell advised Mutual. Capital Resources Group initiated the transaction and advised Oconee Federal.