Community & Southern Bank (CSB) has entered into an agreement with CertusBank to purchase certain loans and deposits related to fifteen CertusBank locations throughout Georgia and Florida.
Pursuant to the terms of the Purchase and Assumption Agreement, CSB will acquire approximately $764 million in deposits and approximately $230 million in loans. The transaction is expected to close in the third quarter of 2015, subject to shareholder and regulatory approval.
"We are very excited to announce this strategic transaction with CertusBank. This transaction significantly increases our market share throughout Georgia and provides us with exposure to several new markets, including Columbus, Macon, and Jacksonville, Florida. This is an outstanding transaction for Community & Southern and our shareholders," said Pat Frawley, Chief Executive Officer of CSB.
"I am very pleased to welcome our new CertusBank clients to CSB. Offering sound financial solutions combined with the utmost integrity and exceptional banking expertise is the foundation upon which CSB was formed and we are proud to have the opportunity to serve our new clients and our new markets."
Community & Southern Bank currently operates more than 40 branches in metro Atlanta and across Georgia’s northern, eastern and western counties. Since its inception in 2010, CSB has grown its assets to more than $3.6 billion, and has successfully completed 13 acquisitions.
CSB has helped stabilize markets, generated over $3.0 billion in new loans, and now employs more than 600 team members. In addition, CSB supports worthwhile causes in its markets through its charitable foundation, with an emphasis on programs related to children and the military.
According to Frawley, "Our vision is to build a highly valuable and well-run banking franchise and to become the financial institution of choice in our markets by exceeding the expectations of our clients and our communities. We believe this acquisition supports that vision."
Frawley further states, "We believe in the advantages of community banking and we look forward to working with our new team members from CertusBank as we continue to serve the needs of our clients and communities."