LINCOLNTON, N.C., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (NASDAQ:CART) announced that, effective today, it has consummated the statutory share exchange pursuant to which it has become the parent company of Carolina Trust Bank. Carolina Trust Bank shareholders approved the share exchange and resulting reorganization of the bank into a bank holding company at the bank’s annual shareholder meeting on May 10, 2016. The holding company, Carolina Trust BancShares, Inc., has the same ticker symbol, CART, that was previously used by Carolina Trust Bank. Shares of Carolina Trust Bank common stock will be exchanged for shares of Carolina Trust Bancshares, Inc. common stock at a one-for-one exchange rate. Investors who own shares in certificate form or in book entry will receive information in the mail regarding any necessary steps to complete the exchange.

About Carolina Trust BancShares, Inc.

Carolina Trust BancShares, Inc. is a bank holding company and the parent company of Carolina Trust Bank. Carolina Trust Bank is a full service, state-chartered bank headquartered in Lincolnton, N.C., operating nine full service branches in Lincoln, Catawba, Gaston and Rutherford Counties in western North Carolina and a loan production office in Mooresville, N.C.