Magazine article American Banker

Branch Sale by Carolina First Nurtures a Start-Up

Magazine article American Banker

Branch Sale by Carolina First Nurtures a Start-Up

Article excerpt

Most start-up banks need something to put them on the map - an edge -to become profitable quickly.

Bank of Barnwell County in South Carolina is getting just such a boost, and from an unlikely source: one of the state's largest independent banks.

Carolina First said this week it would sell five branches with $50 million of deposits to Bank of Barnwell County, which is still being organized in the city of Barnwell. The branches are in a nook of the state about 45 miles south of Columbia, the capital - well away from Carolina First's home base in Greenville - and would give the de novo bank an enviable little network.

Terms of the deal, which is expected to be completed in January, were not disclosed.

"We are pleased that the purchaser of the five branches is another South Carolina-based community bank which shares our goal of serving the banking needs of South Carolinians," Mack I. …

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