Carolina Alliance Bank and Pinnacle Bank Announce Merger

Shareholders of PBSC will be able to elect to receive either $12.00 per share of cash or 1.0909 shares of CAB common stock for each share of PBSC common stock held, provided the overall allocation of stock is 80% (subject to adjustment). The stock portion of the consideration is subject to adjustment depending upon the average price of CAB common stock prior to the closing of the merger. Based on the closing price of $11.50 for CAB shares on March 23, 2015, the transaction would result in an aggregate value of $23.3 million.

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