May 9, 2003
Press Release

The board of directors of Arthur State Bank, Pinnacle State Bank and Carolina State Bank have agreed to merge the three banks into Arthur State Bank. This transaction will give Arthur State Bank approximately $360 million in assets and $42 million in stockholders equity. All of the 13 branches will be named Arthur State Bank. The mergers have been approved by the Board of Directors of each of the banks but remain subject to the approval by the stockholders of the three bank holding companies that own the banks and certain regulatory approvals. The transaction is expected to close in July. Arthur State Bank is headquartered in Union, S.C.

For more information, contact Jason Land at 864-253-4290 or jland@arthurstatebank.com.