Coastal Carolina Bancshares Inc., the parent company of Coastal Carolina National Bank, and Beacon Holding Co. Inc., which owns Beacon Community Bank, will merge, the two businesses announced May 29.
Following the merger, the holding company for both financial institutions will remain under the Coastal name, be headquartered in Charleston, traded under the ticker symbol CCNB, and hold $2.2 billion in consolidated assets and a market capitalization of approximately $200 million.
The combined company’s 16 branches in the Carolinas and a loan production office will be rebranded in 2027 as Beacon Bank N.A. and headquartered in Myrtle Beach.
“Our board of directors is extremely excited to join with Beacon to create a premier South Carolina community banking franchise”, said Laurence S. Bolchoz, Coastal’s chief executive officer. “We believe the strong cultural and operational alignment of our organizations will drive profitability and enhance shareholder value, and benefit our customers, employees and the communities we serve”.
As part of the merger, Bolchoz will continue to serve as president and chief executive officer of both the combined holding company and bank, while Russell A. Vedder maintains his position as chief financial officer and executive vice president of both the combined holding company and bank. Beacon executives Brooks A. Melton and William C. Heslop will also serve on the executive team of the combined company.
