June 4, 2009 (FinancialWire) — Carolina Trust Bank (NASDAQ: CART) (Current Market Cap: US$13.54 Mil.) has agreed to acquire Carolina Commerce Bank in a share exchange deal worth around $5.5 million.

The agreement provides that Carolina Commerce shareholders will receive 0.6250 shares of Carolina Trust common stock for each share of Carolina Commerce common stock owned. In addition, each outstanding option to purchase Carolina Commerce common stock will become an option to purchase 0.6250 shares of common stock of Carolina Trust upon closing of the merger.

Carolina Trust said that the transaction, which has been approved by the directors of both companies, is valued at around $5.5 million, or $4.47 per share for each share of Carolina Commerce common stock, based on the five-day volume-weighted average closing price of Carolina Trust’s common stock as of June 2.

The transaction is scheduled to close in the fourth quarter of 2009 and is conditioned upon receiving the requisite regulatory and shareholder approvals.

Under the terms of the agreement, Carolina Trust will appoint two Carolina Commerce directors to its board within ten days of the merger close.

Gastonia, North Carolina-based Carolina Commerce operates one community banking office. At March 31, Carolina Commerce posted $103.5 million in total assets, $85.6 million in total deposits, $75.1 million in net loans and $9.8 million in total shareholders’ equity.

Lincolnton, North Carolina-based Carolina Trust Bank operates out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County, North Carolina. At March 31, Carolina Trust posted total assets of $171.6 million, net loans of $143.2 million, total deposits of $135.2 million, and total shareholders’ equity of $20.1 million.

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