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South Carolina Bank and Trust of The Piedmont

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Carolina Trust BancShares and Clover Community Announce Shareholder Approvals for Merger

LINCOLNTON, N.C. and CLOVER, S.C., Dec. 13, 2018 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (“Carolina Trust”) (NASDAQ: CART), the parent company of Carolina Trust Bank, and Clover Community Bankshares, Inc. (“Clover”), parent company of Clover Community Bank, jointly announced today the receipt of required shareholder approvals to consummate their previously announced merger.  At separate shareholders’ meetings held on December 12, 2018, each parent company’s respective shareholders approved the merger agreement and the transactions contemplated thereby, including the merger of Clover with and into Carolina Trust.

The merger, which has received all required regulatory approvals, is expected to close on January 1, 2019, subject to satisfaction of other customary closing conditions.

Under the terms of the approved merger agreement, each share of Clover common stock and preferred stock will be exchanged, at the election of each Clover shareholder, for either 2.7181 shares of Carolina Trust common stock or $22.00 in cash, subject to customary proration procedures that will result in an aggregate 80% stock/20% cash consideration mix.  Assuming closing of the merger on January 1, 2019, Clover shareholders should expect to receive election forms and customary transmittal materials in mid-January 2019.

Carolina Trust BancShares Completes Acquisition of Clover Community Bankshares and Announces Cash/Stock Election Deadline

LINCOLNTON, N.C., Jan. 02, 2019 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (“Carolina Trust”) (NASDAQ: CART), the parent company of Carolina Trust Bank, announced today the completion of its previously announced merger with Clover Community Bankshares, Inc. (“Clover”), parent company of Clover Community Bank.

Under the terms of the approved merger agreement, each share of Clover common stock and preferred stock was converted into the right to receive, at the election of each Clover shareholder, either 2.7181 shares of Carolina Trust common stock or $22.00 in cash, subject to customary proration procedures that will result in an aggregate 80% stock/20% cash consideration mix.

Also under the merger agreement, Clover’s subsidiary bank, Clover Community Bank, has merged with Carolina Trust Bank, the wholly owned banking subsidiary of Carolina Trust.  

“I’d like to welcome the Clover customers, shareholders and employees into the Carolina Trust family,” said Jerry L. Ocheltree, President and Chief Executive Officer of Carolina Trust. “We are excited about our expansion into the communities that Clover Community Bank served for so many years and that the same employees that served you before will continue to be there to assist you with your banking needs. The combination of our services should be able to meet all of your banking needs with state-of-the-art technology that we will be bringing to Clover’s markets. I would personally like to thank both sets of shareholders for supporting this transaction and the staff of both banks for their hard work in making this transaction happen behind the scenes. We at Carolina Trust look forward to meeting and serving you now and into the future.” 

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