Sharonview Federal Credit Union (Indian Land, SC) on July 15 entered into an agreement to with the Bank OZK (Little Rokc, SC) to purchase two branches in South Carolina.
The two branches -- Hilton Head Island and Bluffton -- have combined deposits of $107 million and $3 million in loans.
The deal is expected to close in the fourth quarter, pending regulatory approval.
The price tag of the deal was not disclosed, but the bank expects a small gain on the transaction.
After the transaction closes, Bank OZK will have no branch offices in South Carolina.
Read the Sharonview press release.
Read the Bank OZK press release.
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