Business
Coastal Carolina Bancshares, Inc. and Beacon Holding Company, Inc. Jointly Announce a Merger of Equals to Create a Premier South Carolina Banking Franchise
Coastal Carolina Bancshares, Inc. and Beacon Holding Company, Inc. Jointly Announce a Merger of Equals to Create a Premier South Carolina Banking
About this update from Coastal Financial Corporation
[{"type":"text","content":"MYRTLE BEACH, SC AND CHARLESTON, SC / ACCESS Newswire / May 29, 2026 / Coastal Carolina Bancshares, Inc. (\"Coastal\") (OTCQX:CCNB), the parent company of Coastal Carolina National Bank, and Beacon Holding Company, Inc. (\"Beacon\") (OTCQB:BCON), the parent company of Beacon Community Bank, today jointly announced they have entered into a definitive agreement pursuant to which the companies will combine in an all-stock transaction to create the third-largest publicly traded community bank holding company headquartered in South Carolina.Transaction Highlights:Merger of Equals transaction creating a premier South Carolina bank holding company headquartered in Charleston with approximately $2.2 billion in consolidated assets and a market capitalization of approximately $200 millionThe combined company will have sixteen branches and a loan production office serving attractive markets throughout the coastal Carolinas from Wilmington, NC to Charleston, SC and inland to the upstate, some of the fastest growing and most demographically attractive markets in the countryClosely aligned corporate cultures and operating philosophies with a continued focus on and presence in our combined communitiesStrong pro-forma profitability and enhanced trading liquidity create significant shareholder valueTransaction Details:The combined $2.2 billion holding company will remain Coastal Carolina Bancshares, Inc. and continue trading under the ticker symbol CCNB. The combined bank after the system conversion expected in early 2027 will be rebranded as Beacon Bank, N.A. and will be headquartered in Myrtle Beach.Tommy B. Baker will serve as Chairman and Benjy A. Hardee will serve as Vice Chairman of the holding company board. Dennis L. Wade will serve as Chairman and James P. Smith will serve as Vice Chairman of the bank board.Laurence S. Bolchoz will continue to serve as President and Chief Executive Officer of both the combined holding company and bank.Russell A. Vedder will continue to serve as Chief Financial Officer and Executive Vice President of both the combined holding company and bank.Brooks A. Melton, current Chief Executive Officer of Beacon, and William C. Heslop, current Chief Financial Officer of Beacon, will serve on the executive team of the combined company as Executive Vice President and Chief Risk Officer and Executive Vice President an...