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"McColl Partners was truly a partner for us in this transaction. We entered the market during one of the most tumultuous periods that the banking industry has seen. McColl Partners provided superb leadership and helped us complete a transaction that was beneficial for both organizations. They delivered senior level attention, process expertise, and a high level of commitment and service to our team. We would highly recommend them to any financial institution considering strategic alternatives."
Roger Whaley
President and CEO
Carolina National
Corporation |
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"We are excited to join forces with Carolina National to create a premier community financial institution in our state. The closing of this merger is the next step in our plans to enhance our market presence in the Columbia area with the ultimate goal of increasing the value of our shareholders’ investment in our company."
Jerry Calvert
President and CEO
First National Bancshares, Inc. |
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Deal Summary
McColl Partners, LLC announced today that it has advised Carolina National Corporation (“Carolina National”) in its sale to First National Bancshares, Inc. (“First National”). As part of the transaction, First National will merge Carolina National’s banking subsidiary, Carolina National Bank & Trust Company, into First National’s banking subsidiary, First National Bank of the South. Charlie Welch and Phil Colaco led the execution of the transaction and were supported by Colby Schwartz and Grant Rowland.
The cash and stock deal became effective January 31, 2008 and had a deal value of approximately $54.1 million. First National opened Carolina National’s four Columbia area offices as First National Bank of the South on February 19, 2008. The Office of the Comptroller of the Currency has approved the opening of the fifth full-service branch in the Columbia market, which is currently under construction in Lexington, SC.
About Carolina National Corporation
Carolina National, based in Columbia, South Carolina, is a $226 million asset bank holding company and conducts a general banking business through its subsidiary, Carolina National Bank & Trust Company. The bank opened July 15, 2002 and conducts its activities from its main office, three full-service branches and a loan production office.
About First National Bancshares, Inc.
First National, based in Spartanburg, South Carolina, is an $806 million asset bank holding company. Its common stock is traded on the NASDAQ Global Market under the symbol FNSC. First National was incorporated in 1999 and conducts a general banking business through its wholly-owned bank subsidiary, First National Bank of the South.
About McColl Partners, LLC
McColl Partners is an independent investment banking firm specializing in the needs of management and owners of middle-market companies. With significant experience working with private equity groups, entrepreneurs, family-owned businesses, public companies, financial institutions, and divisions of larger companies, the firm is dedicated to offering strategic advice and assistance to its clients regarding mergers and acquisitions and private capital raising assignments.
To learn more about our experience in the financial institutions industry, please contact Charlie Welch or Brian Davis at (704) 333-0525. More information about McColl Partners can be found at http://www.mccollpartners.com/. |
