0001552781-14-001121.txt : 20141216 0001552781-14-001121.hdr.sgml : 20141216 20141216092747 ACCESSION NUMBER: 0001552781-14-001121 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141212 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141216 DATE AS OF CHANGE: 20141216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA FINANCIAL CORP CENTRAL INDEX KEY: 0000870385 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 571039673 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10897 FILM NUMBER: 141288447 BUSINESS ADDRESS: STREET 1: 288 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29401 BUSINESS PHONE: 843-723-7700 MAIL ADDRESS: STREET 1: 288 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29401 8-K 1 e00406_caro-8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of Report (Date of earliest event reported): December 12, 2014

 

 

   CAROLINA FINANCIAL CORPORATION   

(Exact Name of Registrant As Specified in Its Charter)

 

   Delaware   

(State or Other Jurisdiction of Incorporation)

 

   000-19029       57-1039637   
(Commission File Number) (I.R.S. Employer Identification No.)

 

 

   288 Meeting Street, Charleston, South Carolina       29401   
(Address of Principal Executive Offices) (Zip Code)

 

 

   (843) 723-7700   

(Registrant’s Telephone Number, Including Area Code)

 

 

   Not Applicable   

(Former Name or Former Address, if Changed Since Last Report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

1
 

Item 2.01. Completion of Acquisition or Disposition of Assets.

 

On December 15, 2014, Carolina Financial Corporation (the “Company”) announced that its wholly-owned bank subsidiary, CresCom Bank, had completed its previously announced acquisition of certain assets and the assumption of liabilities with respect to 13 branches of First Community Bank, Bluefield, Virginia, located in southeastern North Carolina and South Carolina. The acquisition included the assumption of approximately $218 million in deposits and the purchase of approximately $78.5 million of loans and certain other assets associated with the acquired branches, based on December 11, 2014 financial information and subject to a post-closing confirmation and adjustment. In consideration of the purchased assets and transferred liabilities, CresCom Bank paid to First Community Bank a 3.25% premium on substantially all of the deposits assumed. The purchase was finalized following the close of business on December 12, 2014, and the branches were converted to CresCom Bank branches during the weekend of December 13-14, 2014. The acquired branches opened as CresCom Bank branches on the morning of December 15, 2014. Also on December 15, 2014, the Company published a news release announcing completion of the acquisition. A copy of the news release is attached as Exhibit 99.1 to this report and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(a)Financial Statement of Business Acquired. To the extent that financial statements required by this item have not been waived by the staff of the Securities and Exchange Commission, such financial statements will be filed in an amendment to this report no later than February 16, 2015.

 

(b)Pro Forma Financial Information. To the extent that pro forma financial information required by this item has not been waived by the staff of the Securities and Exchange Commission, such pro forma financial information will be filed in an amendment to this report no later than February 16, 2015.

 

(c)Shell Company Transactions. Not applicable.

 

(d)Exhibits.

 

Exhibit

Number

 

Description

99.1 News Release concerning the acquisition of branches from First Community Bank, Bluefield, Virginia.
   

2
 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  CAROLINA FINANCIAL CORPORATION,
  Registrant
       
  By:  /s/ William A. Gehman, III  
  Name:    William A. Gehman, III  
  Title: Chief Financial Officer  

 

Dated: December 15, 2014

 

3

 EX-99.1 2 e00406_ex99-1.htm

Exhibit 99.1

 

 

 

NEWS RELEASE

 

CRESCOM BANK COMPLETES 13 BRANCH ACQUISITION, ADDS BRANCHES IN SOUTH
CAROLINA AND EXPANDS INTO SOUTHEASTERN NORTH CAROLINA

 

CHARLESTON, S.C., December 15, 2014 – CresCom Bank, the wholly owned bank subsidiary of Carolina Financial Corporation (NASDAQ: CARO), today announced that it has completed its acquisition of 13 branches from First Community Bank (Bluefield, Va.) With this acquisition, CresCom Bank now has 26 branch locations throughout South Carolina and Southeastern North Carolina markets, representing $1.3 billion in assets, $0.8 billion in loans and $1.0 billion in deposits.

 

The bank entered into a definitive agreement with First Community Bank in August 2014. The purchase was finalized and the branches were converted to CresCom Bank branches during the weekend of December 12-14. The acquired branches opened as CresCom Bank branches on the morning of December 15.

 

“We are very pleased to welcome these new customers and employees to CresCom Bank,” said Carolina Financial Corporation President and CEO Jerry Rexroad. “These new branches are in communities very similar to our existing markets. We look forward to serving customers at the new locations and being an important part of our new communities."

 

For more information about investor relations, contact Carolina Financial Corporation EVP and CFO Bill Gehman, bgehman@haveanicebank.com, (843) 723-7700.

 

About Carolina Financial Corporation

 

Carolina Financial Corporation (NASDAQ: CARO) is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company.  As of September 30, 2014, Carolina Financial Corporation had approximately $1.0 billion in total assets, CresCom Bank operated 14 branch locations in the Charleston and Myrtle Beach areas of South Carolina, and Crescent Mortgage Company originated loans in 45 states and partnered with approximately 2,000 community banks, credit unions and mortgage brokers, offering access to various loan programs. CresCom Bank offers a strong core of banking products and services.  To learn more about CresCom Bank, visit www.haveanicebank.com or call 1-855-CRESCOM.

# # #

For More Information, Contact:

Kimberly McCollum, The Brandon Agency, (843) 916-2000

kmccollum@thebrandonagency.com

 

 

 

 GRAPHIC 3 image_001.jpg GRAPHIC begin 644 image_001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:L'4]>O6 ME>ST#3S?W*G#S.VR"(^[=S["M/4]1M=+L7NKM]L:\8ZECZ`>M<0FJ:MXC>1; M>9=)TJW&9'7Y0B^Y[GV&*AU8P=K7?8ZJ.$G6BYWY8K=L2]\,^-=4RU]XFM[? M=_RQA=D4>W`%<_?_``_\66(,UO/]L`YS!.P;\`<9K3L+^"_OS9>%]%&IR1_Z MR_U%B4'OCT]._M7<:5I^L6JJ;O4+0CO%!:;%_`YS79&K6A\22\CBJ4Z#?[N3 M?GM^IY'9>,?$^A7)B>\G8QG#V]X"V/;GD5Z5X4\>6'B,BUE46E_C_4L:PNXKB.,[79#D`]:=G:XKEVBJ6G:OI^KQR/I]W'I_*JY9=A]]$MT[;%A;(9C[4)-["O8T:***0SS/QEJYQUED;H#[=_P`O2C3W$GBR!Y3G M=>@L3_OU2\2R"W^*337'W$O(6.?[ORU&7)3J2J/<]?.KT:%*A'8]4\.:'!X? MT:&QA4;@,ROW=SU)K5HHK1MMW9XZ5E9!7GGQ8T9)-/M]8C4"2%Q%*1W0]/R/ M\Z]#KG?'J*_@G4PW:,$?4,,5I1DXU$R:BO%GFWPVU%K'Q=##NQ'>(T3#WQE? MU'ZUTGQ/U&XEO]-T".1HX+DJ\VTXWY;:`?;J?RKA_"(8^+]*V]?M2?SYKT'X MDZ'=S36.O64+3M9$":-!EMH;<"![<_G794LJR;.:%W2:1W%O:P6EI':P1JD, M:!%0#@"L%+>U\$Z7J]\L1:T,QN$AA'(R%!&/][/X5J6VNZ9=::NH)>P"W*;B MS2`;?4'T(KCM9\8:C<^%]5U32BT<4=VL,$ICY$6!EQD=SW[9KDA&3=CHE))7 M-74O&5UH^CV6KWVDJ+2[*Y$<^9(MPR,@J`>/>KWB/Q*^A:0FJQ68NK9@N?WN MQANZ<8->?^+I+"3P)ITJ7C7U_.4DFF>4NR_*<@C.%&3C''2N@\;7=O-\,X&B MGC<,L.W#`YQC-:^SC>.F[(YWKZ%^U\>&>]TB-]*DC@U4'RY?-R5(X.5QTSWS MTYJY8^*I=;FO?[%L5N8+,[3-+-Y8E;T48/YG%.\.PI=^!;."!UWM9;`P.=I* MX_#K7._#)TTFPU:QU!EMKBVGW2)*=I`V]>>W!YJ7&%I-+8=Y75WN=+I/B2S\ M2Z%=7%J&CDB1DFA?[T;8/'O]:Y?X7O+'X7U)H84F<7'^K=]H8;1GG!J/X>6< MT&G:WJLV8;6ZR(2_RA\;CGGMSBI/A7/"GAS4@TT:GSB>6`XVBKE%1C-+R)4F MW%OS-#P%>V,^EZE)HFC"T=)ANCDN"PD./[V.`/I4VB>-[SQ"+I-/T0M-;-A@ M]R%3'/\`%MZ\<#%9/PGGA33=5#S1K^_!Y8#C%)\*9X476=TL:_OU/+`X*V[VMQ;/LEB9MV/<'OT-5K;Q9=:AI^HZC8Z4# M;6+NI\^8QO+M&6(&T@?B:YOX;W'ES>(VA9'F#EHTW#YB-Y%0:+JD>K^&-8OM M=U![F^4.D5JTFT*=O&V,=3DGL>E)TDI/3L-3;2^9WWAO7[?Q)HZ:C;QO$&8H MR/U5AU&>].\2?\BQJG_7G+_Z`:YKX3SQ-X4:%95,J7+ED!Y`.,'%='XGD2/P MSJ>]U7=:2@;CC)V&L91Y:MEW+3O"[.(^'^O6&B>#+V:ZNH8Y%G=DC=OF<[%P M`.IR:Z2]T^*S@OM#;VQN1"YFG M=<,`2/D7D#VKL-="6OA.]B>0`)9N@9CC)"$5K4:51I=R(?`C$\):E;1>"9+W M1M)$$4,DC-!)<$DX&2V['7VQ3M+\;WNM://J%AH1<6Q;S`]R%&`,X!V\G';' MXUF>!9X5^&E\K31@_O\`@L.Z\4GPZGA3P#?AIHU.^7@L!_`**S1XSNY/#,GB*+2!]B1CA'GVRE0< M;L;<=>V:YWP'?3V7P_UB>Q*O=Q.[QKU/"CG'>JIO;;4?AO=WU_J#WVJ3%E"/ M+DQX;L@X`QSG%/V45)Z:7%[1\J]#M[OQ8(_"D?B*TL_/MF3>Z/)L91G&.ASS M5$^-[U_#8UZ#0BUHHS)ON0K#G!VC;R!Z\5B)=VS_``4,:SQETB*LNX9!\S., M?2IXIX?^%+E?.CW?9B,;AG._I2]G%=.MA\[?7IVX M?,#TVX[G/%8]SXXGM-`@U^;2<:?/(%4>?^]"G.&*XQVZ9KGX[*;5?@Y##9?O M986\UHT.6(#G(Q^OX5T'A36=(;P-9BZG@86\7ERPO@MN!Z;3R3Z"I=.,;NU] M;#4F]/(J>.]3TX0:9+J6CB_M)G#V[BX,;`D`G(QTQCO70:YX@&B+80Q6;W,] M_*(844[5!X^\<<#GTKD/BE<+)I^BEU$,AEW-"S#GW;`3W,1']X`C=VP*I0YE'YB)D$DYE+AFW'JY)R1D9Y MJ[XGN(3\5-";SH]JJF3N&!\S548*+375,3DVFGW1Z112`@C(Y![T5Q'0>3>( MK232O$EP%&W][YT1]B'4 MUVS!C(2[ASY3'H?]D^U<)I^I7_AF]EMKBW)C?Y9[64?*X]1_C7+2J/"UN;HS MZ"I3CFF$48O]Y$Z?P'XQM]:T^*PNY5348%"D,<>I]178UY+<^&/#FKR M?:=&U;^RIR=WV>XX53_LMV_6M.WB\4Z9$%D\;Z9Y(XRY$K#Z9&37?)T9^]"2 M1X'L,13?).#OZ'HS,J#+,%'3)-<9\4M26T\+_8PW[R]E5`/]D'<3^@_.K>FQ MPVL#ZQJ^HW%W'"NX7-V/+C'ND0Z?4\^E>9>(M9O/&?B1?LL+NI/E6D`Z[?4^ MYZGT_"M,/!2ES+9&-=N"Y6M30^&.EO>^*1=E3Y5E&7)_VB,`?S/X5[-7):19 M0>`_#L43QF>XF;=.RG&6_P``/ZGUKJH9!-"DJ@@.H89]ZFO+GES=`I1Y8V*S M:3IKS>444QD8VD<8],4^BL;LU*L>F6$4+0QV-ND3 M\LBQ*`WU&.:<+"R"*@M(`J?=7RQ@?2K%%%V*Q'%!%`I6&)(P3DA%`S45QI]E M=N'N;2"9EZ-)&&(_.K-%%V,C>&*2+RGB1H_[K*"/RJ,6%F,XM(.1@_NQR*L4 M47`KBPLQG%I!R,']V.10+"S&<6D`R,']V.E6**+L+$,=G:Q.'CMHD8=&5`"* M8NGV27)N4LX%G;K((P&/XU9HHNPL006=K;,S6]M#$S?>,:!2?KBGRP0S@":) M)`#D!U!Q^=244K@0QVEM$^^.WB1QQN5`#3Y88IUVS1I(N M'+.>PO;21Y2;]@]Q*"`[GCVP!@`5:<>I+3Z%(ZII,&@W6IC24$-K*4=%C3YB M"!E3T(YZTX:QI/V2>1M/0&*[%L$6-2))3@#:>AZ]>W-6IO#5E-I]]8M).(;Z M022@,.&XZ<<9VBKE[I=M?V:6TRG;&ZNC)\I5E.0P]Z+P"S,X:W8V5GJ5FU'_CYER`S<8XXP,"GP:';6\=U''+-MNBAD!8?PJ%XXXR`,T7C;0+, MISZQ83:,NMIIWVF$QN[L47_&,>M)=:E9#2[9KK208+BXCACB95*_/ MC:V.F.?YU9B\.V<.EWVFQO*MM>L[,@8?)O\`O!>.!4MUHMO=V5I:222A+22. M2,J0"2GW<\47C<+,S[[4M(M1=1/ITXCY58]B<<'I5B\\/6=Y)=%S(B7H474:$`2[>F>XXX..H MJ>]TBTU&">WNE+PS1")H^``!T(]"*+QT"S+4+;X4;9LRH.WT]J*6.,11)&I) M"*%!/7BBLBQ]5;W3K+48O+O+:.91TW#D?0]JM44FD]&.,G%WB[,Y2]\&:'`O MFBUO&']R!BWZ5E^?9:2__$H\&:E=W(^Z]Q$0`?J<_P`J[^BE"G2B[\IO/%XF M<>5U';U/+[SPYXT\9W*OJ[1:?:J