Carolina Alliance Bank, Pinnacle Bank of South Carolina merge
All locations of the merged entity will operate as Carolina Alliance Bank, with its headquarters in Spartansburg, South Carolina.
"Both Carolina Alliance and Pinnacle Bank are young, healthy and growing banks," John Poole, CEO of Carolina Alliance said. "Merging these financially sound institutions is a natural fit to bridge our Spartanburg and western upstate offices."
Combined, the banks would have approximately $567 million in assets, $461 million in loans, $461 million in deposits and a $67 million capital position.
The majority of customers the banks will serve are in upstate South Carolina and western North Carolina. Those customers will have access to eight full-service locations in Spartansburg, Greenville, Easley, Powdersvile, Anderson and Seneca, South Carolina, in addition to Ashesville and Hendersonville, North Carolina. Loan and lease production offices also will be available in Charlotte, North Carolina, and Spartansburg.
"We have known the bankers at Carolina Alliance for years," Pinnacle President and CEO David Barnett, said "We started our respective banks with the vision that local communities deserve to have access to experienced knowledgeable bankers offering consultative financial advice. Our philosophy has always been about communities and service. This combination allows us to serve our existing communities -- and new ones -- with an even greater focus on that philosophy."
Once approval is obtained from regulatory commissions and the banks' shareholders, the merger should be complete in the fourth quarter of 2015.