United Buys Carolina Financial


United buys Carolina Financial.
   
United Bankshares buys Carolina Financial for $1.1 billion.
   
Carolina Financial is the holding company of CresCom Bank, the second-largest bank in the Carolinas with $3.98 billion in assets and 61 locations.  Carolina Financial will merge into United, and CresCom will merge into United Bank, with United and United Bank being the ongoing entities.  The combined company will be the leading community bank in the Southeast and Mid-Atlantic, with $25 billion in assets and 200 locations.
   
Richard Adams of United said: ‘We are excited about our partnership with Carolina Financial Corporation and the opportunities it affords both organizations.  Our companies share complementary cultures, a commitment to our customers, and a focus on serving our communities.  This transaction represents a significant step towards continuing to grow United’s presence in the Carolinas.’
   
Jerry Rexroad of Carolina Financial said: ‘We are partnering with a bank that has a strong community banking culture, along with the resources of a larger institution.  We believe that United is the very best partner to create the most trusted community bank in the communities we serve.’
   
Sandler O’Neill + Partners served as financial advisor to United.  Bowles Rice served as legal advisor.
   
Raymond James served as financial advisor to Carolina Financial.  Nelson Mullins Riley & Scarborough served as legal advisor.

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