South Carolina-based SCBT Financial Corporation has agreed to acquire Peoples Bancorporation for $28.4m.
Following completion of the transaction, the combined company will have $4.5bn in assets, $3.8bn in total deposits, and $3.2bn in total loans.
The combined company will operate 78 locations in South Carolina, North Carolina and Georgia following completion of the merger.
Peoples Bancorporation chairman of the board George Nalley said that they expect the merger to provide their shareholders with the opportunity for an increase in stock value and resumption of dividends, as well as the opportunity to share in the growth of a dynamic company in the years ahead.
The transaction, which is subject to customary conditions, is expected to close in the second quarter of 2012.
Keefe, Bruyette & Woods served as financial advisor to SCBT and Scott & Stringfellow served as financial advisor to Peoples Bancorporation.