Carolina Trust Bank and Carolina Commerce Bank merger receives approval

Mon. September 28, 2009; Posted: 09:32 AM

Sep 28, 2009 (Datamonitor via COMTEX) -- CART | Quote | Chart | News | PowerRating -- The North Carolina Banking Commission has approved the application to merge Carolina Commerce Bank with and into Carolina Trust Bank.

Shareholders of the banks approved the merger earlier in September 2009. The merger is still subject to regulatory approval from the Federal Deposit Insurance Corporation.

Michael Cline, president and CEO of Carolina Trust, said: "We are delighted the Banking Commission has approved our merger application and that our shareholders supported this merger. The opportunities this partnership with Carolina Commerce will bring are exciting. We have been busy planning the integration of the two banks and once complete, we believe this transaction will enhance shareholder value and provide benefits to our customers, employees and the communities we serve."

Michael Mayer, president and CEO of Carolina Commerce, said: "We are very pleased our shareholders have approved this merger and recognize the long-term value that we think is possible through the combination of our organizations and the leadership, vision and performance that Carolina Trust's management has exhibited to date."

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