LINCOLNTON, N.C., Nov. 19, 2010 /PRNewswire-FirstCall/ -- Carolina Trust Bank announced that it has commenced a public offering of up to 1,800,000 shares of its common stock at a price to be determined.
McKinnon & Company, Inc. will be the underwriter of the public offering on a best efforts basis. Carolina Trust Bank has reserved the right to sell up to an additional 270,000 shares in the public offering. The offering proceeds will be used to expand our loan and investment portfolios, to provide capital to support additional growth opportunities, including opening or acquiring additional branches, and for general corporate purposes.
At September 30, 2010, Carolina Trust Bank had total assets of $269.0 million, net loans of $208.0 million, deposits of $226.7 million, and shareholders' equity of $22.7 million. Carolina Trust Bank currently operates six full service branches in Lincolnton, Gastonia, Vale and Denver, North Carolina and a loan production office in Forrest City, North Carolina. Visit the Bank's web site at www.carolinatrust.com.
To receive a copy of the preliminary offering circular for the public offering, contact McKinnon & Company, Inc, 999 Waterside Drive, Suite 1200, Norfolk, Virginia 23510, (800) 853-4636. The website for the underwriter is www.mckinnonco.com.This press release is neither an offer to sell nor the solicitation of an offer to buy shares of the Bank's common stock, nor shall there be any sale of these shares of common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Offers of the Bank's common stock will only be made by means of the offering circular. Information contained on the Bank's website is not part of the offering circular. Shares of the Bank's common stock are not deposits or savings accounts, or obligations of or guaranteed by the Bank or any other person and they are not insured by the FDIC or any other agency. The shares are subject to investment risk, including the possible loss of principal. SOURCE Carolina Trust Bank