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CARO

Carolina Financial

$32.49

1.19 (3.80%)

, FSBK

First South Bancorp

$14.60

0.25 (1.74%)

09:25
06/12/17
06/12
09:25
06/12/17
09:25

Carolina Financial to acquire First South Bancorp

Carolina Financial (CARO) and First South Bancorp (FSBK), the parent company of First South Bank announced the signing of a definitive merger agreement. Upon completion of the acquisition, the combined company will have approximately $3.2B in assets, $2.2B in loans and $2.5B in deposits. This transaction will further solidify Carolina Financial's position as one of the largest Carolinas-based community banks. The transaction provides core funding and economy of scale benefits in attractive markets throughout North Carolina. The merger agreement has been unanimously approved by the boards of each company. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary conditions, including both regulatory and shareholder approvals. Subject to the terms of the merger agreement, First South shareholders will receive 0.52 shares of Carolina Financial common stock for each share of First South's common stock, which equates to an aggregate deal value of $162M based on Carolina Financial Corporation's closing stock price of $32.49 as of June 9, 2017.

CARO

Carolina Financial

$32.49

1.19 (3.80%)

FSBK

First South Bancorp

$14.60

0.25 (1.74%)

  • 18

    Sep

CARO Carolina Financial
$32.49

1.19 (3.80%)

09/09/16
SPHN
09/09/16
INITIATION
Target $22.5
SPHN
Equal Weight
Carolina Financial initiated with an Equal Weight at Stephens
Stephens analyst Tyler Stafford initiated Carolina Financial with an Equal Weight rating and $22.50 price target.
09/14/16
SDLR
09/14/16
INITIATION
Target $23
SDLR
Hold
Carolina Financial initiated with a Hold at Sandler O'Neill
Sandler O'Neill analyst Matthew Forgotson started Carolina Financial with a Hold rating and $40 price target.
11/09/16
SDLR
11/09/16
UPGRADE
Target $26.5
SDLR
Buy
Carolina Financial upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill analyst Matthew Forgotson upgraded Carolina Financial (CARO) to Buy with a $26.50 price target saying the acquisition of Greer Bancshares (GRBS) is a good deal and consistent with its strategic plan.
11/30/16
BMUR
11/30/16
INITIATION
BMUR
Hold
Carolina Financial initiated with a Hold at Brean Capital
Brean Capital analyst Blair Brantley initiated Carolina Financial with a Hold citing valuation.
FSBK First South Bancorp
$14.60

0.25 (1.74%)

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