Announcement • May 31
Coastal Carolina Bancshares, Inc. (OTCPK:CCNB) entered into a definitive agreement to acquire Beacon Holding Company, Inc. (OTCPK:BCON) in a merger of equals transaction. Coastal Carolina Bancshares, Inc. (OTCPK:CCNB) entered into a definitive agreement to acquire Beacon Holding Company, Inc. (OTCPK:BCON) in a merger of equals transaction on May 29, 2026. Under the terms of the definitive merger agreement, each outstanding share of Beacon common stock will be exchanged for the right to receive 0.736 shares of Coastal common stock in an all-stock transaction. Upon completion of the transaction, shareholders of Coastal Carolina Bancshares, Inc. and Beacon Holding Company, Inc. will own approximately 56.1% and 43.9%, respectively, of the combined company. The combined $2.2 billion holding company will remain Coastal Carolina Bancshares, Inc. and continue trading under the ticker symbol CCNB.
Tommy B. Baker will serve as Chairman and Benjy A. Hardee will serve as Vice Chairman of the holding company board. Dennis L. Wade will serve as Chairman and James P. Smith will serve as Vice Chairman of the bank board. Laurence S. Bolchoz will continue to serve as President and Chief Executive Officer of both the combined holding company and bank. Russell A. Vedder will continue to serve as Chief Financial Officer and Executive Vice President of both the combined holding company and bank. Brooks A. Melton, current Chief Executive Officer of Beacon, and William C. Heslop, current Chief Financial Officer of Beacon, will serve on the executive team of the combined company as Executive Vice President and Chief Risk Officer and Executive Vice President and Chief Accounting Officer, respectively. The combined boards of the holding company and the bank will consist of fifteen members, of which eight will come from Coastal and seven from Beacon. Mr. Douglas P. Wendel will serve as Chairman Emeritus of the combined holding company and bank. The combined bank after the system conversion expected in early 2027 will be rebranded as Beacon Bank, N.A. and will be headquartered in Myrtle Beach. The combined company will have sixteen branches and a loan production office serving attractive markets throughout the coastal Carolinas from Wilmington, NC to Charleston, SC and inland to the upstate.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board and customary regulatory approvals. The deal has been unanimously approved by the board. The expected completion of the transaction is in the third or fourth quarter of 2026. The transaction is expected to be accretive to earnings.
Raymond James & Associates, Inc. acted as financial advisor for Coastal Carolina Bancshares, Inc. Wyrick Robbins Yates & Ponton LLP acted as legal advisor for Coastal Carolina Bancshares, Inc. Keefe, Bruyette & Woods, Inc. acted as financial advisor for Beacon Holding Company, Inc. Nelson Mullins Riley & Scarborough LLP acted as legal advisor for Beacon Holding Company, Inc. 
