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Carolina Trust BancShares closes deal with Clover Community Bankshares

Lincolnton, N.C.-based Carolina Trust BancShares Inc. completed its merger with Clover, S.C.-based Clover Community Bankshares Inc.

As part of the deal, Clover Community Bank merged with Carolina Trust Bank.

Also, under the terms of the deal, each Clover Community shareholder was entitled to receive either 2.7181 shares of Carolina Trust common stock or $22.00 in cash for each Clover common or preferred share held, provided that the consideration resulted in a mix of 20% cash and 80% stock.