Coastal Carolina Bancshares Inc., parent of Myrtle Beach-based Coastal Carolina National Bank, has completed a merger of equals with Beacon Holding Company Inc.
The deal closed Oct. 1. Beacon merged into Coastal, which remains the surviving holding company. Coastal Carolina National Bank is based in Myrtle Beach; the holding company is now headquartered in the Charleston area.
The combined franchise oversees about $2.3 billion in assets and $2.0 billion in deposits across sixteen branches and one loan production office along the coastal Carolinas and inland South Carolina markets. Shares of the parent will keep trading under the ticker CCNB.
Laurence S. Bolchoz remains president and chief executive officer. Beacon branches temporarily operate as a division of Coastal Carolina National Bank. After systems conversion, the retail bank is scheduled to rebrand as Beacon Bank.
Bolchoz said bringing the two community-focused institutions together creates a stronger franchise positioned for long-term growth.
