First South Bank’s merger with Charleston-based Carolina Financial Corp. is on track, and most employees can breathe a sigh of relief.

The merger was announced in June, and is expected to reach completion by early 2018. Once First South is acquired, Carolina Financial will have approximately $3.2 billion in assets, $2.2 billion in loans and $2.5 billion in deposits, according to a press release.

As with any merger, a big question involved the fate of First South’s current employees. Combining two companies’ resources can often translate into thinning out some of each company’s personnel.

Bruce Elder, chief executive officer of First South Bank, said more than 90 percent of current First South employees will be retained. At the operation on Creekside Drive in Washington, which employs roughly 100 people, only a handful will have to look for other employment, Elder said.

Elder will be named the president of North Carolina banking for Carolina Financial, while Randy Woodson, chief banking officer at First South, will take a position as director of consumer banking. Both will likely relocate.

“We’re going to continue to have a pretty significant operation there in Washington. … The only overlap between the two banks in which we will see branch consolidation is in Elizabethtown,” Elder said. “All three branches that we have in Beaufort County … will continue to function and operate into the future.”

Come early 2018, First South Bank will be rebranded as CresCom Bank, of which Carolina Financial is the parent company. Elder said the name change is expected to happen late in the first quarter of next year.

“We have received all of the regulatory approvals that we need from our bank regulator partners,” he said. “CresCom (was) actually having its special meeting with shareholders (Tuesday) afternoon.

“We will have our special meeting on Thursday at 11 o’clock and hope to receive shareholder approval, and then we will move pretty quickly toward our legal merger.”

Carolina Financial is a growing company that also acquired Congaree Bancshares Inc. in mid-2016 and Greer Bancshares Inc. in March.

First South operates 28 banking locations in eastern North Carolina and the Research Triangle. It is based in Washington. As of March 31, the company reported $1.04 billion in assets, $727.1 million of gross loans and leases and $919.9 million of deposits.

Elder said the new entity will likely expand its footprint westward in North Carolina, and he is excited to see what the future holds.