Shareholders at Palmetto Heritage Bancshares Inc., the holding company for Pawleys Island-based Palmetto Heritage Bank & Trust, have approved the bank’s acquisition by First Citizens Bank & Trust Co., headquartered in Raleigh.
Palmetto Heritage Bank, opened in 2005, has locations in Pawleys Island, Mount Pleasant and Murrells Inlet. First Citizens operates 135 branches in South Carolina, with 16 branch locations and a standalone ATM location in the Lowcountry.
The merger has been approved by the Federal Deposit Insurance Corp., the North Carolina Commissioner of Banks and the S.C. Board of Financial Institutions; it is expected to be complete in early November, according to a news release.
“By coming together with First Citizens, we’ll not only continue on our path of service excellence, but will be even better equipped to meet our customers’ needs,” C. Ronald Christmas, vice chairman and CEO of Palmetto Heritage Bank, said in the release. “We’re excited about leveraging the best of both banks and offering more to our customers going forward.”
Immediately after the merger, the three Palmetto Heritage Bank branch offices will continue to operate as Palmetto Heritage Bank, a division of First Citizens Bank, and customers will be able to continue to bank normally. Palmetto Heritage Bank accounts will be converted to First Citizens systems and operations at a later date.