May 22, 2018
Nelson Mullins represented Regional Bankshares, Inc., holding company for Heritage Community Bank, in a $11.4 million merger announced on May 18, 2018 with Citizens Bancshares Corporation, holding company for The Citizens Bank. Nelson Mullins’ representation of Regional Bankshares was led by Ben Barnhill and Eva Bateman, with assistance from Maurice Holloway, Wendy Parker, and Kathy Solley. The merger will create a combined organization with $550 million in assets and 19 branches serving eastern South Carolina. The merger is expected to occur in the fourth quarter of 2018 following receipt of shareholder and regulatory approvals. The unregistered issuance of Citizens’ shares as merger consideration will be accomplished following receipt of a fairness opinion from the SC Securities Commissioner. FIG Partners served as financial advisor to Regional, led by Eric Lawless.
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