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First Community Corp and Savannah River Financial Corporation to Merge

Wednesday, 14 Aug 2013 09:00am EDT 

First Community Corp, the holding company of First Community Bank, and Savannah River Financial Corporation (SRFC), the holding company of Savannah River Banking Company, jointly announced the signing of a definitive merger agreement, under which First Community has agreed to acquire Savannah River in a cash and stock transaction with a total current value of approximately $33.6 million or approximately $11.00 per share. The transaction value at the time of the merger may change due to changes in the price of First Community stock. Upon completion of the transaction, the combined company will have approximately $775 million in total assets, $635 million in total deposits, and $450 million in total loans. The transaction will create a 13-office banking company. The merger agreement has been unanimously approved by the Board of Directors of each company. Closing of the transaction, which is expected to occur early in the first quarter of 2014, is subject to customary conditions, including regulatory approval and approval by the shareholders of both companies. 

Company Quote

0.15 +1.76%
24 Jul 2012