First Palmetto Bank, headquartered in Camden, announced Wednesday it has entered into an agreement to purchase two South Carolina branch locations from South State Bank. According to a press release, the new branches are in Loris and Little River, and expands First Palmetto’s presence in Horry County.
“I am pleased to announce the expansion of First Palmetto in the Horry County market. These offices are a great addition to our company,” First Palmetto CEO Samuel R. Small said. “We look forward to welcoming these customers and employees to First Palmetto and are committed to a smooth customer transition.
First Palmetto anticipates assuming approximately $32 million in deposits and purchasing approximately $7 million in loans from the acquisition. Pending regulatory approval, the closing is scheduled to occur in the fourth quarter of the year. First Palmetto plans to hire all current employees at each of the acquired branches.
Founded in 1904, First Palmetto has served the financial needs of its local communities through its 21 office locations within South Carolina for more than 110 years.