Charleston, S.C.-based Carolina Financial Corp. on Dec. 31, 2019, completed its merger with Lincolnton, N.C.-based Carolina Trust BancShares Inc.

Under the terms of the merger agreement, Carolina Trust shareholders will receive $10.57 in cash or 0.3000 Carolina Financial common share for each common share they own. The deal consideration consists of 90% newly issued Carolina Financial common shares and 10% cash.

As part of the agreement, Carolina Trust's banking unit, Carolina Trust Bank, has merged with Carolina Financial's banking subsidiary, CresCom Bank.

Carolina Financial intends to complete system integrations in May.