First Community To Acquire Savannah River In Cash & Stock Transaction

(RTTNews) - First Community Corp. (FCCO), the holding company of First Community Bank, and Savannah River Financial Corp., the holding company of Savannah River Banking Company, jointly announced the signing of a merger agreement. Under the agreement, First Community has agreed to acquire Savannah River in a cash and stock transaction with a total current value of approximately $33.6 million or approximately $11.00 per share. As per the agreement, 60% of the consideration will be paid in cash and the balance will be in newly issued shares of First Community common stock.

Savannah River Financial Corp. currently operates 2 full-service financial centers located in Augusta, GA and Aiken, SC. Upon completion of the transaction, the combined company will have approximately $775 million in total assets, $635 million in total deposits, and $450 million in total loans.