By Michelle Bliss
Wilmington, NC – Waccamaw Bank is selling 11 of its branches to First Bank. The companies made the announcement Tuesday and the affected banks include all Waccamaw branches in New Hanover and Brunswick Counties, along with Horry County in South Carolina.
First Bank will acquire all the premises and equipment at the branches, all of the deposits valued at $180 million and a selection of performing loans valued at $98 million.
The transaction is still subject to regulatory approval and company officials expect the sale to be completed early next year.
Read the press release.
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