INDIAN LAND, S.C. – The $1.6-billion Sharonview FCU intends to purchase two branches of Bank OZK, according to the credit union.
The bank offices are both in South Carolina—one in Hilton Head and the other in Bluffton. The branches have combined deposits of $107 million and a small loan portfolio, the CU said.
The deal is expected to close in the fourth quarter, pending regulatory approval. Bank OZK is based in Little Rock, Ark.
After the transaction closes, Sharonview will serve 92,000 members at 18 branches in North Carolina and South Carolina.
“We are thrilled to expand our footprint and serve more members in South Carolina,” said Sharonview President and CEO Bill Partin. “We promise to deliver excellent customer service and to be active supporters of these communities where members live, work and play.”
More Branches for Sale
Michael Bell, attorney with Royal-Oak, Michigan-based Howard & Howard, who is representing Sharonview in the deal, said credit unions should expect to see a number of bank branches up for sale this year.
“As you can see, even during the pandemic deals are happening,” stated Bell, who pioneered credit union acquisitions of banks leading to the completion of more than 30 whole bank acquisitions to date. “I have seen a large uptick in bank branch sales and am in the midst of quite a few of those transactions.”