Charleston-based CresCom Bank said today it’s buying a branch in St. George from First Federal of S.C.
The deal includes all of the deposits and most of the loans. It’s also acquiring the real estate and equipment at 5561 West Memorial Blvd.
The sale is subject to regulatory approval and other standard closing conditions. It’s expected to be completed by early 2014.
CresCom said it will retain all employees at the branch. The Charleston bank’s nearest office is on North Cedar Street in downtown Summerville.
“We’re excited about the future growth opportunity along the I-26 and I-95 corridors, and this latest branch in St. George helps us expand our community bank offerings within Dorchester County,” CresCom CEO David L. Morrow said in a statement.
First Federal of S.C. is based in Walterboro. It isn’t affiliated with First Federal of Charleston.