LINCOLNTON, N.C., Dec. 18, 2019 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (NASDAQ: CART), the parent company of Carolina Trust Bank, announced today the receipt of required shareholder approval to consummate its previously announced merger with Carolina Financial Corporation, Charleston, South Carolina (NASDAQ: CARO). At a shareholders’ meeting held on December 18, 2019, Carolina Trust’s shareholders approved the merger agreement and the merger of Carolina Trust with and into Carolina Financial. With respect to the merger proposal, 99% of the shares voted at the meeting were cast in favor of the proposal to approve the merger agreement with Carolina Financial.

The merger, which has received all required regulatory approvals, is expected to close on December 31, 2019, subject to satisfaction of other customary closing conditions.

About Carolina Trust BancShares, Inc.

Carolina Trust is the registered bank holding company of Carolina Trust Bank. Carolina Trust Bank is a full-service, state-chartered community bank headquartered in Lincolnton, NC. The bank operates 11 full-service offices and one loan production office in the Piedmont and Mountain Regions of the Carolinas to the north and west of Charlotte, NC.