The Office of the Comptroller of the Currency on Dec. 17 approved Spartanburg, S.C.-based Carolina Alliance Bank's merger into Newark, Ohio-based Park National Bank.

Park National Corp. is acquiring CAB Financial Corp., the parent of Carolina Alliance Bank, in a deal valued at about $141.8 million. The merger, which is expected to close in the second quarter of 2019, is still subject to several conditions including the approval of CAB shareholders.