COLUMBIA (WACH) - The merger agreement of two South Carolina-based banks in a deal worth more than $300 million was announced Wednesday.

First Federal and South Carolina Bank and Trust will merge to form a company that will manage  $8.3 billion in assets, nearly $7 billion in total deposits,  and $6.1 billion in loans.

The merger, which is expected to close later this year, has been unanimously approved by the board of directors of each company.

South Carolina Bank and Trust officials say the partnership will benefit customers, shareholders and employees.

Together the two companies operate a network of 148 branches in the Carolinas.