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Carolina Financial to buy First South for $162M

Charleston, S.C.-based Carolina Financial Corp. will buy Washington, N.C.-based First South Bancorp Inc. for approximately $162 million in stock, based on the buyer's June 9 closing price of $32.49.

The resulting entity, according to the press release, will have approximately $3.2 billion in assets, $2.2 billion in loans and $2.5 billion in deposits.

More details to follow.