South State and Southeastern Bank Financial have agreed to merge in all-stock deal worth about $335m.
Augusta, Georgia-based Southeastern will be merged into South State, while Southeastern subsidiary Georgia Bank & Trust Company of Augusta will be merged into South State subsidiary South State Bank.
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The combined entity will manage about $10.5bn in total assets, $8.7bn in total deposits, $7.2bn in total loans, and operate from 133 branches in the Carolinas and Georgia.
As part of the terms of the deal, Southeastern shareholders will get 0.7307 shares of South State for each Southeastern share they hold.
The deal has already received the go-ahead from the board of directors of both companies. It is expected to be completed in the first quarter of 2017, subject to regulatory and shareholder approvals.
South State CEO Robert Hill, Jr. said: "We are pleased to announce this partnership with Georgia Bank & Trust. As the leading bank in the Augusta and Aiken markets, the company has a great reputation and a great team of bankers. Our teams and our company cultures are very similar and we look forward to enhancing customer relationships and continuing the legacy of service in these communities."
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By GlobalDataSoutheastern managed about $1.9bn in assets, $1.6bn in deposits and $1bn in loans as of 31 March 2016.
