The former Waccamaw Bank branches that have been part of Virginia-based First Community Bank since June 2012 are now under new ownership, according to an announcement Monday.
 
Charleston-based CresCom Bank announced Monday that it has completed its acquisition of those 13 branches from First Community Bank. The purchase agreement was first announced in August.
 
“The [CresCom] bank entered into a definitive agreement with First Community Bank in August 2014. The purchase was finalized and the branches were converted to CresCom Bank branches during the weekend of December 12-14. The acquired branches opened as CresCom Bank branches on the morning of December 15,” the announcement stated.
 
The branches are located in Columbus, Bladen and southern Brunswick counties in North Carolina and in the Myrtle Beach area in South Carolina, increasing CresCom’s geographic footprint into that area. CresCom now has a total of 26 branches and $1.3 billion in assets, according to the announcement.
 
First Community Bank took over Whiteville-based Waccamaw Bank’s 16 branches on June 8, 2012, in a transaction arranged by the FDIC when Waccamaw’s efforts to save itself were exhausted. Waccamaw, which had substantial portfolios in ADC [acquisition, development and construction] loans, was badly hurt in the real estate downturn that began in 2008, Ray Grace, the state commissioner of banks, said at the time.
 
After absorbing Waccamaw Bank, First Community closed three of the original 16 branches. Its Wilmington office closed in September 2013 because of planned Kerr Avenue construction, but bank officials said at the time that there were no plans to open another Wilmington branch.