The acquisition is the first for Hope since a transformative merger last year.
The once high-flying company could also face higher legal costs tied to an SEC probe into recent disclosures.
The Virginia bank has agreed to buy Tidewater Mortgage’s majority stake in Old Point Mortgage.
HCBF, once an aggressive acquirer, hadn't announced a deal in nearly two years.
The bank is among a handful of de novos to have its charter approved since 2009.
The company also admitted that certain details in an October press release were inaccurate.
The $1.9 billion deal – the largest announced in 2017 – will create a bank with nearly $20 billion in assets.
The South Carolina company plans to use proceeds for acquisitions and organic growth.
Quarterly profit improved despite a spike in noninterest expenses.
The company is selling common and preferred stock in a private placement.
