LINCOLNTON, N.C., Jan. 4, 2011 /PRNewswire/ -- Carolina Trust Bank (Nasdaq: CART) announced today that it closed on the sale of approximately 1,788,000 shares of its common stock in a public offering. A community offering of approximately 312,000 shares of its common stock closed on December 30, 2010. The shares in both offerings were sold at $3.00 per share which resulted in gross proceeds of approximately $6.3 million for the bank. McKinnon & Company, Inc., an investment banking firm based in Norfolk, VA, served as the placement agent.
The Bank intends to use the net proceeds from the offerings to expand its loan and investment portfolios, to provide capital to support additional growth opportunities, including opening or acquiring additional branches, and for general corporate purposes. As a state-chartered bank, this offering was made pursuant to an exemption from the Securities Act of 1933, as amended, so no registration statement was filed with the Securities and Exchange Commission.
John Michael Cline, President and Chief Executive Officer of the Bank, said, "To be able to raise this amount of money in this economic environment for banks is a positive sign that the investment community has confidence in our bank and its business plan."
Johnathan L. Rhyne, Jr., Chairman of the Board of Directors, said, "With this additional capital, Carolina Trust Bank is a stronger bank and we should be able to take advantage of the market opportunities that may become available."About Carolina Trust Bank At September 30, 2010, Carolina Trust Bank had total assets of $268.9 million, net loans of $207.9 million, deposits of $226.7 million, and shareholders' equity of $22.6 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. Certain statements in this report may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts. Although the Bank believes that its expectations with respect to certain forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Bank will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors. For an explanation of the risks and uncertainties associated with forward-looking statements, please refer to the Bank's Annual Report on Form 10-K for the year ended December 31, 2009, and other reports filed and furnished to the Federal Deposit Insurance Corporation. SOURCE Carolina Trust Bank