SRP Federal Credit Union to Acquire Southern Bank
North Augusta, SC and Sardis, GA – November 29, 2017 – SRP Federal Credit Union (SRP FCU), headquartered in North Augusta, SC has signed a definitive agreement to acquire Southern Bank, headquartered in Sardis, GA. The combined entity will have approximately $950 Million in assets with over 20 branches in South Carolina and Georgia.
“We are delighted that Southern Bank has agreed to join with SRP Federal Credit Union, to help strengthen and expand our presence in the thriving CSRA region,” said Harry Gunsallus, president and chief executive officer of SRP FCU. “We admire Southern Bank’s high-level of personalized service, focus on improving the communities they serve and the commitment they have to doing what is best for their customers. This service commitment is the same model that we live by every day. This is an exciting opportunity for both organizations, our collective customers and our dedicated teams. We believe that Southern Bank’s five branches are a perfect fit for our Georgia growth plan and there is no overlap of existing SRP locations. Southern Bank is a healthy, well-run bank with an experienced staff that when joined with our staff, product mix and technology offerings we believe will immediately make the combined organization a major player in this market.”
“We are excited to join the SRP Team,” said Preston Conner, CEO of Southern Bank. “We are extremely proud of the relationships we have built at Southern Bank and I am convinced this partnership will significantly benefit our customers, our employees and the communities that we serve.”\
The definitive agreement was approved by the Board of Directors of each company. The acquisition is expected to be completed in the second quarter of 2018, subject to the receipt of necessary regulatory approvals or non-objections and shareholder approval with respect to Southern Bank, and the fulfillment of all customary closing conditions.
SRP was advised in this transaction by Mike Bell from Howard and Howard, as legal counsel, and McQueen Financial Advisors. Southern Bank was advised by Whit Cummings from Cummings & Company LLC, its financial advisor, and by Nelson Mullins Riley & Scarborough LLP, its legal counsel.