Carolina Financial Corporation's Acquisition of Greer Bancshares Incorporated Receives Regulatory and Shareholder Approvals

CHARLESTON, S.C., March 13, 2017

Greer Bancshares Incorporated announced that Greer's merger agreement with Carolina Financial Corporation was approved by its shareholders at a special meeting held on March 9, 2017.

All required regulatory and shareholder approvals for the acquisition have now been received, and the mergers are expected to be consummated on March 18, 2017.  Shortly thereafter, the shareholders of Greer will be mailed an election form with instructions and a deadline for electing their desired mix of cash and stock according to the terms of the definitive merger agreement.

About Carolina Financial Corporation

Carolina Financial Corporation is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company.  Carolina Financial Corporation trades on NASDAQ under the symbol CARO.  As of December 31, 2016, Carolina Financial Corporation had approximately $1.7 billion in total assets and Crescent Mortgage Company originated loans in 45 states and partners with community banks, credit unions and mortgage brokers.  In 2016, Carolina Financial Corporation was ranked #8 on American Banker's 2015 list of "Top 200 Community Banks and Thrifts as Ranked by Three-Year Average ROE", and was added to the Russell 2000 as part of the 2016 Russell indexes reconstitution.

About Greer Bancshares Incorporated

Greer Bancshares Incorporated is a one-bank holding company which was formed in July of 2001 and serves as the parent company of Greer State Bank, owning 100% of its common stock. Greer State Bank was chartered in August of 1988 by the State of South Carolina, and the bank opened for business on January 3, 1989. Since its opening, Greer State Bank has grown to over $390 million in assets and serves the Greer community with four offices.