Sharonview FCU Plans to Buy Two Bank Branches
The acquisition deal will expand the credit union’s marketplace presence in South Carolina.
The $1.6 billion Sharonview Federal Credit Union in Indian Land, S.C., agreed Wednesday to buy two branches in Hilton Head Island and Bluffton, S.C., from the $24 billion Bank OZK in Little Rock, Ark.
Financial terms were not disclosed.
The two branches have combined deposits of $107 million and a small loan portfolio, according to Sharonview.
The branches, staffed by seven employees, serve about 2,000 customers, who will become members of the credit union. The bank employees will be retained by the credit union, according to a spokeswoman.
The acquisition, once completed, will expand Sharonview’s marketplace footprint from six branches to eight branches in South Carolina. In North Carolina, the credit union operates 10 branches.
Pending regulatory approvals, the deal is expected to close in the fourth quarter of this year.