Southern States Bank Announces Agreement to Acquire Columbus Community Bank
Anniston, Alabama – July 21, 2015 – Southern States Bank, the wholly owned subsidiary of Southern States Bancshares, Inc., today announced the signing of a definitive agreement to acquire Columbus Community Bank headquartered in Columbus, Georgia for cash consideration of approximately $21.4 million. Pending both regulatory and Columbus Community Bank shareholder approval and customary closing conditions, the transaction is expected to close at the end of the third quarter of 2015. The combined bank will have approximately $500 million in assets.
“We are excited about this exceptional opportunity to combine these two great community banks.” said Steve Whatley, Chairman, CEO and President of Southern States Bank. “We intend to continue to provide the customers with the same level of high quality personal service and enhance their banking experience. This merger brings a higher level of business credit capacity, meaning more opportunities to serve the small and medium businesses in Columbus.”
John Fortenberry, Chairman of the Board of Columbus Community Bank said, “We are combining two financially sound banking institutions with like-minded operating philosophies to create something even better. We look forward to being a part of Southern States Bank and providing the Columbus area with continued and improved banking services. “
Southern States Bank currently operates offices in Anniston, Opelika, Birmingham, Huntsville and Sylacauga in Alabama and offices in Columbus and Carrollton, Georgia. Whatley said “The expanded organization will provide greater resources and opportunities for employees of both organizations. We are looking forward to becoming a larger part of the Columbus community.”
Southern States Bancshares, Inc. and Southern States Bank were advised in this transaction by the law firm of Jones Walker LLP and its financial advisor SunTrust Robinson Humphrey, Inc. Columbus Community Bank was advised by the law firm of Martin Snow, LLP.