US-based regional lender Bank OZK has inked a purchase and assumption agreement to sell its two branches in South Carolina.
Financial details of the deal have not been made public.
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Under the agreement, the Bank has agreed to sell its branches in Hilton Head Island and Bluffton in South Carolina to Sharonview Federal Credit Union.
The Indian Land-headquartered Sharonview will assume certain deposit liabilities and loans.
It will also take over cash, real property, personal property and other fixed assets of both the branches.
As at 31 March 2020, the branches had nearly $107m in deposits and $3m in loan balances.
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By GlobalDataThe decision to sell both the branches comes as the bank grapples with challenges to operate in South Carolina with only two branches.
Upon deal completion, which is anticipated in the fourth quarter of 2020, Bank OZK will not have any branches in South Carolina.
The branch customers in South Carolina will be kept in the loop of this development and the impact of the sales in the near future noted Bank OZK.
The deal currently awaits regulatory approvals.
Earlier this month, Bank OZK inked two separate purchase and assumption deals to also sell its only two branches in Alabama, US.
