Community & Southern Bank Completes Acquisition of CertusBank Branches in Georgia
Wednesday, October 14th, 2015
Community & Southern Bank has completed its acquisition of certain loans and deposits related to 14 CertusBank branches throughout Georgia and Florida. The transaction included approximately $580 million in deposits and approximately $181 million in loans.
"We are pleased to announce the completion of the CertusBank acquisition and a successful systems conversion," said, Pat Frawley, Chief Executive Officer of CSB. "This transaction builds market depth in key markets and expands our footprint into other exciting markets, including Columbus, Macon, Jefferson and Greensboro, Ga. and Jacksonville, Fla., where we are eager to participate in growth opportunities. This acquisition also positions us as one of the largest, most convenient community banks in Georgia, and provides us with significant liquidity to fuel our organic loan growth."
Since the bank's inception, CSB has helped stabilize markets, generated more than $4 billion in new loans, and now employs more than 600 individuals. In addition, CSB supports worthwhile causes in its markets through its employee-funded charitable foundation, the CSB Foundation, with an emphasis on programs related to children and the military.
"This transaction marks CSB's fourteenth acquisition since our inception, and is the culmination of many months of hard work on the part of CSB and CertusBank team members," said Frawley. "This is an outstanding transaction for us, and I want to offer my sincere thanks to the many people who made it happen."
"We are delighted to welcome the customers and team members of CertusBank to CSB," said CSB President, Mark Abernathy. "We look forward to working with our new CSB team members from CertusBank as we continue building and strengthening our customer relationships."
CSB was advised by the investment banking firm of Barclays and represented by the law firm of Alston & Bird LLP.