Lincolnton,N.C.-based Carolina Trust Bankintends to reorganize into a holding company structure, creating Carolina TrustBancShares Inc. as the holding company, according to a proxy statement filed April5.
Pursuant toan agreement and plan of reorganization and share exchange dated March 30, all ofthe outstanding shares of the bank's common stock would be exchanged for newly issuedshares of Carolina Trust BancShares' common stock on a one-for-one basis.
As a resultof the share exchange, the bank holding company would own 100% of Carolina TrustBank's common stock. The bank would continue its current business and operationsas a North Carolina-chartered bank using its current name, the filing noted.
Following approvalfrom shareholders and regulators, Carolina Trust Bank will bear the total cost offorming the holding company, which it estimates is $50,000.
The board recommendsshareholders approve the proposal for reorganization.
Shareholderswill vote on this proposal and other matters at the annual meeting May 10.