In January, Carolina Trust BancShares Inc. completed its acquisition of Clover, S.C.-based Clover Community Bankshares Inc.
About six months later, the Lincolnton, N.C.-based company agreed to be acquired by Charleston, S.C.-based Carolina Financial Corp.
It was on May 21 when Carolina Financial delivered a draft nonbinding letter of intent to Carolina Trust.
The Carolina Trust board determined the letter of intent was not acceptable in its then-current form, and instructed the company's financial adviser, Raymond James & Associates Inc., to seek clarification on certain issues and to further negotiate the proposed stock exchange ratio.
Carolina Trust's board received in June a revised letter of intent, which reflected an increased stock exchange ratio and addressed other issues.
The financial terms of the letter of intent provided for a transaction with an exchange ratio of 0.3000 of a Carolina Financial common share or $10.57 in cash for each Carolina Trust common share, with the consideration consisting of 90% stock and 10% cash.
The two companies executed and announced the merger agreement July 15.
