Community Bankshares climbs 71% on merger announcement

Community Bankshares, Inc. (AMEX:SCB) skyrocketed 71% Thursday after the Orangeburg, S.C.-based bank announced just before the bell it would merge with First Citizens Bank and Trust Company, Inc. According to the deal, Community Bankshares stock holders would receive $21 in cash for each outstanding common share. The companies said the deal should close in the fourth quarter of 2008. Community Bankshares was trading at $18.80 per share, about 71% above Wednesday’s close.

For detailed price information and recent news stories about Community Bankshares, Inc., click SCB.

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