Bank OZK announced Wednesday (July 15) that it has entered into an agreement to sell its only two South Carolina branches. The bank has agreed to sell its Hilton Head Island and Bluffton, South Carolina branches to Sharonview Federal Credit Union headquartered in Indian Land, South Carolina.
Terms of the deal were not disclosed.
Pursuant to the terms of the agreement, Sharonview has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the branches.
Subject to obtaining the necessary regulatory approvals, the pending sale is expected to close in the fourth quarter of 2020 and should result in a small gain on sale.
The deposit and loan balances at the branches as of March 31, 2020 were approximately $107 million and $3 million, respectively.
Bank OZK said it found it difficult to operate efficiently within South Carolina with just two branches. After the transaction closes, it will have no branch offices in the state of South Carolina.
On July 1, Bank OZK announced the sale of its only two Alabama branches.