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.