CHARLESTON, S.C., Jan. 02, 2020 (GLOBE NEWSWIRE) -- Carolina Financial Corporation (NASDAQ: CARO) announced today that its previously announced merger with Carolina Trust BancShares, Inc. (NASDAQ: CART) was completed on December 31, 2019.

Under the terms of the merger agreement, Carolina Trust shareholders will have the right to receive $10.57 for each share of Carolina Trust common stock, payable, at their election and subject to certain limitations, in cash or in shares of Carolina Financial common stock based upon a fixed exchange ratio of 0.3000. Per the agreement, 10% of the consideration will be paid in cash and the balance (90%) will be in newly issued shares of Carolina Financial common stock.

As part of the merger agreement, Carolina Trust’s bank subsidiary, Carolina Trust Bank, a North Carolina bank, has merged with CresCom Bank, a South Carolina bank and the wholly-owned banking subsidiary of Carolina Financial. Carolina Financial plans to complete systems integration in May 2020.

About Carolina Financial Corporation

Carolina Financial is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company. As of September 30, 2019, Carolina Financial had approximately $4.0 billion in total assets and Crescent Mortgage Company was approved to originate loans in 48 states partnering with community banks, credit unions and mortgage brokers.