First National Bancshares sets closing date for merger with Carolina National

By Lisa Kerner

Charlotte, N.C., Jan. 25 - First National Bancshares, Inc. said it plans to close its acquisition of Carolina National Corp. on Jan. 31.

"This is an important step in what has been a very smooth transition," First National president and chief executive officer Jerry L. Calvert said in a company news release.

"We have committed our staff and technological resources to making this process as seamless as possible," Calvert added.

All four Carolina National Bank branches will open as branches of First National Bank of the South on Feb. 19, while a fifth branch, currently under construction, is slated to open by summer.

As previously reported, First National agreed in August to acquire Carolina National in a cash and stock transaction valued at about $59.3 million.

First National and Carolina National shareholders approved the deal in December.

Carolina National's shareholders may elect to receive 1.4678 shares of First National common stock, $21.65 cash, or a combination of stock and cash for each share of stock they hold. Total consideration must consist of 70% stock and 30% cash.

First National will merge Carolina National's banking subsidiary, Carolina National Bank and Trust Co., into First National's banking subsidiary, First National Bank of the South, with First National Bank of the South being the surviving bank.

First National is a bank holding company based in Spartanburg, S.C.

Carolina National is a bank holding company based in Columbia, S.C.

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