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First Community Corporation Announces Acquisition of Cornerstone Bancorp

Published April 12, 2017

Hovde's client, Lexington, SC-based First Community Corporation (NASDAQ: FCCO) has announced its acquisition of Easley, SC-based Cornerstone Bancorp (OTC Pink: CTOT) in a deal valued at $25.8 million.

Highlights of the deal include:

  • 70% stock and 30% cash transaction, with a fixed exchange ratio of 0.5400x shares of FCCO common stock for 70% of CTOT shares and $11.00 cash for 30% of CTOT shares
  • A natural next step in its Upstate strategy, FCCO will add three banking offices and approximately $146 million in assets, accelerating its market expansion into Greenville, SC
  • This marks FCCO's first whole bank M&A transaction since acquiring Savannah River Financial Corporation in February 2014
  • The deal is subject to CTOT shareholder and regulatory approval and is expected to close in early Q4 of 2017
  • This transaction marks Hovde's 30th announced M&A transaction since 2016

Hovde Group, LLC served as financial advisor to First Community Corporation.

Please click on the link above to download the full Transaction Alert for more information.