First Community Bank, Lexington, S.C., has agreed to buy Palmetto South Mortgage Corp., Columbia, S.C. The deal will close on July 31, and while the price paid was not disclosed, a press release said it will be paid out over a three year earn out period with "the actual amount calculated based on the achievement of certain profitability metrics."
Palmetto South will continue to operate under that name, with Greg McCoy, its president, and Charlie Branham, its vice president, remaining in charge. The mortgage company opened for business in 2001.
This deal represents an expansion for First Community in the mortgage space. Previous acquisitions by the bank have been of two other bank holding companies and two financial planning and investment advisory companies. First Community, in the release, noted how Palmetto South fits into the company's strategy to be the financial solutions provider of choice along with those other acquisitions. The financial planning unit is also located in Columbia.
