Novant Health Celebrates Long-Term Investment in South Carolina, Welcomes Three New Hospitals

Novant Health said it is building upon its commitment to patients in South Carolina through its completed acquisition of three coastal hospitals and associated physician clinics and operations from Tenet Healthcare Corporation (NYSE: THC).

The transaction includes East Cooper Medical Center in Mount Pleasant, Hilton Head Hospital in Hilton Head and Coastal Carolina Hospital in Hardeeville.

Said Carl S. Armato, president and CEO, Novant Health: "Novant Health's long-term vision is to transform the health and wellness of these communities through expanded specialty services and clinical expertise. We are energized and united behind our cause to create a healthier future together by building connections with patients and clinicians in coastal South Carolina."

As part of its expansion, Novant Health invested approximately $2.4 billion to acquire the following facilities:

Charleston County

*East Cooper Medical Center (Mount Pleasant)

* 15 physician clinics.

Beaufort County

* Hilton Head Hospital (Hilton Head)

* Bluffton Okatie Outpatient Center (Okatie)

* 12 physician clinics.

Jasper County

* Coastal Carolina Hospital (Hardeeville)

* Tidewatch Free-Standing Emergency Department (Bluffton).

Officials said that during the transition period, appointments and procedures will continue as scheduled.

"We are working closely with our new Novant Health team members to ensure a seamless transition for patients and team members," said Joel Taylor, market CEO of Hilton Head Regional Healthcare. "We are eager to move forward together in support of our teams and know decisions will be made with our community's needs at the forefront."

Novant Health was recently recognized with the most 'As' for patient safety in North Carolina from The Leapfrog Group.

Novant Health said it has continuously implemented programs and initiatives to support team members through competitive compensation and benefits, investing in professional development opportunities, and scholarships to further build the workforce pipeline.

Novant Health is an integrated network of hospitals, physician clinics and outpatient facilities that delivers health care to communities in North Carolina and South Carolina.

The Novant Health network consists of more than 1,900 physicians and over 36,000 team members who provide care at more than 800 locations, including 19 hospitals and hundreds of outpatient facilities and physician clinics.

Novant Health said that in 2022, it provided more than $1.5 billion in community benefit.

Dogwood State Bank to Acquire Community First Bancorporation

Raleigh, North Carolina-based Dogwood State Bank (OTC: DSBX) and Seneca, South Carolina-based Community First Bancorporation (OTC: CFOK) jointly announced the signing of a definitive merger agreement for Dogwood State Bank to acquire Community First Bancorporation, and its subsidiary, Community First Bank in an all-stock merger.

The merger agreement provides that each Community First Bancorporation common shareholder receive 0.5875 shares and each preferred shareholder will receive 64.7719 shares of Dogwood's voting common stock.

Officials said the transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Community First Bancorporation stockholders.

Based on Dogwood's most recent capital raise of $16.4 million in March 2023, at $20.00 per share, this would imply a transaction value per share of $11.75 for each Community First Bancorporation common share, the officials said.

"The partnership with Community First Bancorporation unlocks long-term growth potential for shareholders and access to significant scale in the Upstate of South Carolina," said Steve Jones, president and chief executive Officer of Dogwood State Bank.

Jones added, "With this transaction, we will have a meaningful presence in the largest major growth markets in the Carolinas."

The pro forma company will have total assets of $2.2 billion, total deposits of $1.8 billion and net loans of $1.7 billion.

Officials said the transaction is expected to be over 65 percent accretive to Dogwood's earnings on a per share basis in 2025. The initial tangible book value dilution, driven primarily by the current interest rate environment, is anticipated to be earned-back in approximately one year, the officials said.

"From the beginning, Community First Bank has been focused on developing a business model that focuses on safe and sound relationship banking in the markets we serve. We believe we have been very successful with this in our Tennessee, North Carolina and South Carolina markets, which encompass some of the fastest growing markets in the nation." said Richard D. Burleson, president and chief executive officer of Community First Bancorporation and Community First Bank.

Burleson added, "However, to continue growing, to provide cutting edge technology and to become more profitable, we need a partner who can provide us the opportunity to better serve our customers with a much larger balance sheet, enhanced technology and expanded products and services. We believe our partnership with the Dogwood team provides just that, and I believe the synergies that exist between our companies will result in tremendous success for both sides."

The boards of directors of both businesses have unanimously approved the merger agreement.

The transaction is anticipated to close in the second half of 2024, subject to customary closing requirements, including Community First shareholder, Dogwood shareholder and regulatory approvals.

Following the closing, two directors of Community First Bancorporation will join the Dogwood Board of Directors. Additionally, Dogwood will create an advisory board for the Upstate consisting of members of the Community First Bancorporation board of directors.

Piper Sandler & Co. acted as financial advisor and provided a fairness opinion to Dogwood State Bank and Williams Mullen served as Dogwood State Bank's legal advisor.

D.A. Davidson & Co. acted as financial advisor and provided a fairness opinion to Community First Bancorporation and Brooks Pierce LLP served as Community First Bancorporation's legal advisor.

Dogwood State Bank is a North Carolina state-chartered community bank with approximately $1.4 billion in total assets. The organization provides a range of banking products and services through its online offerings and branch offices throughout North Carolina. 

Community First Bancorporation is a multi-state bank holding company with total assets of approximately $685 million. The organization maintains seven full-service financial centers in South Carolina, three in North Carolina, and two in Tennessee.

The company offers a variety of services including credit cards, business and personal loans, business and personal deposit products and savings accounts.

Beacon Announces Acquisition of Roofers Supply of Greenville, SC

Beacon (Nasdaq: BECN) said it has completed the acquisition of Roofers Supply of Greenville, headquartered in Greenville, South Carolina, with two additional branches located in Charlotte and Raleigh, North Carolina.

Financial terms weren’t disclosed.

Roofers Supply has a more than 40-year history in commercial roofing throughout the Southeast. 

Beacon completed nine acquisitions in 2023. Officials said this is the first acquisition announced in 2024 as the company continues to drive above market growth and takes steps to realize its goal of being the top commercial roofing distributor in North America.

The company exceeded its Ambition 2025 revenue and shareholder return targets for 2023 and continues to advance on achieving its full Ambition 2025 plan, the officials said.

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of building products, including roofing materials and complementary products, such as siding and waterproofing.

The company operates over 530 branches throughout all 50 states in the U.S. and six provinces in Canada.

Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online.  

Tidelands Health Leader Named Chair of the South Carolina Hospital Association

Gayle Resetar, executive vice president and chief operating officer of Tidelands Health, was installed as chair of the South Carolina Hospital Association during its membership meeting Thursday, Feb. 1, 2024.

In this role, Resetar will help drive the vision for the association, advocate for sound health care policies and facilitate collaboration statewide. She will serve a one-year term.

Resetar has been a consistent advocate for the delivery of high-quality health care in South Carolina for more than 30 years.

She joined Tidelands Health in 1990 and has helped the not-for-profit organization evolve and grow into the largest health care provider in the region with four hospitals and more than 60 care locations. Tidelands Health serves Georgetown, Horry and Williamsburg counties.

Resetar has served on the SCHA board since 2020 and has represented the SCHA board nationally as a member of the American Hospital Association’s Regional Policy Board 4.

Founded in 1921, SCHA is the leadership organization and principal advocate for the state’s hospitals and health care systems. The organization is committed to leading South Carolina to a better state of health by helping hospitals and health systems provide the best possible care to patients.

SCHA represents about 100 member hospitals and health systems and 900 personal members.

“With her expertise, innovation and dedication to the delivery of high-quality health care, Gayle is an asset to our association and health care statewide,” said Thornton Kirby, president and CEO of the South Carolina Hospital Association. “She has a proven track record of excellence, is driven to make a difference and is a champion for patients, hospitals and health systems. She will play a vital role as chair of our board in moving us forward over the next year.”

Resetar earned a bachelor’s degree in business management from Fairmont State University in West Virginia and a master’s degree in health care administration from the University of South Carolina.

She is a fellow of the American College of Healthcare Executives and a past winner of ACHE’s Regents Award for recognition of the young health executive of the year in South Carolina.

In 2022, Resetar received the Grassroots Champion Award from the American Hospital Association for her consistent contributions in engaging with state and federal elected leaders.

In addition to her responsibility overseeing the overall daily operations at Tidelands Health, Resetar has had an impact on nearly every aspect of the health system since she joined the not-for-profit three decades ago.

She led the construction and start-up of Tidelands Waccamaw Community Hospital in Murrells Inlet, which opened in 2002, and Tidelands Health Medical Park at The Market Common in Myrtle Beach, which opened in 2019.

Officials said she is a driving force behind nearly every major initiative undertaken by Tidelands Health, has led innovative approaches to promote efficient processes and has championed efforts such as the Tidelands Community Care Network, a partnership that helps uninsured and underinsured residents gain access to needed health care.

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