Congaree State Bank, based in Cayce, is being bought by CresCom Bank.

CresCom is a Lowcountry bank and it’s is purchasing  Congaree State Bank for about $16.3 million in a cash-and-stock transaction, according to a press release.

Charles Kirby, president and CEO of Congaree Bancshares Inc., said, in a press release, that the two companies have “very similar philosophies, cultures and core values.”

“Our current branch and lending personnel will remain in place, and we expect to add new people and increase our market presence as we join the Carolina Financial Corp. team,” Kirby said in the news release. “With strong capital support, we are excited to have the resources to grow and expand with the ability to better meet our clients’ needs and be a significant contributor to the economic growth in the Columbia market.”

“We are excited to expand our franchise into the Columbia market and to partner with such a quality community bank,” Carolina Financial Corp. CEO Jerry Rexroad said in the news release. “With our strong capital base and historical success in partnership growth, we are well-positioned to capitalize on this strategic partnership.”