Charleston's CresCom Bank buys St. George branch, reports flat 2013 earnings
Charleston-based CresCom Bank said it has completed its purchase of a St. George branch from a Colleton County lender.
The sale was announced Aug. 28. The deal included about $24.7 million in deposits and $11.2 million in loans.
The seller was First Federal of South Carolina, which isn't affiliated with Charleston's First Federal Bank. It said it decided to sell the St. George office because it's focusing on its core Walterboro and Edisto Beach markets.
The branch at 5561 West Memorial Blvd. opened Monday as CresCom Bank.
CEO David L. Morrow said CresCom wanted to expand into upper Dorchester County because it sees future growth opportunities along the Interstate 26 and I-95 corridors.
CresCom now has 12 branches. It said plans to open its 13th location in the second quarter. The new office will be at Cane Bay Plantation in Berkeley County, near Goose Creek and Summerville.
The bank is a subsidiary of Carolina Financial Corp., which reported net income last year of $16.8 million, down less than 1 percent from the previous year. Its fourth quarter profit was $4.1 million.
Profits at Carolina Financial's large Atlanta-based Crescent Mortgage Co. was $12.4 million, a decline of 41 percent from 2012, reflecting the indsutrywide slowdown in loan originations.
The company also annoucned a quarterly cash dividend of 5 cents a share payable April 11 to stockholders of record as of March 26.
Contact John McDermott at 937-5572.