First Southern Bank has been sold to Community First Credit Union of Florida.
The banks jointly announced the deal, which will be finalized in the spring or summer of next year, pending federal regulatory approval. The announcement was made last week.
First Southern Bank is headquartered in Waycross and recently opened a brand new branch in Blackshear and transitioned its Patterson location to a limited-service branch. First Southern was the successor to the 118-yearold The Patterson Bank. First Southern also has locations in Jesup and Bradenton, Sebring and Stuart, FL.
The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, FSBH will liquidate and dissolve and distribute its remaining assets to its stockholders. When the acquisition is completed, Community First will have approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and will have 31 branches throughout Georgia and Florida. In connection with the transaction, the shareholders of FSBH will receive approximately $17.14 in cash for each share of FSBH common stock.
The acquisition broadens Community First’s commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking. As members of Community First, First Southern Bank customers will enjoy full access to the complete range of products and services offered by Community First for both consumers and businesses.
Sam Inman, President and CEO of Community First, said “While we love the growth opportunities that come with the transaction, this acquisition is founded on a unified vision between Community First and First Southern Bank. Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence.'
Inman continued, 'This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons.”
Daniel S. Hager, Chairman and CEO of FSBH and First Southern Bank stated, “We are excited about the opportunity to unite these two like-minded organizations. First Southern Bank customers will continue to see their trusted familiar banker at each location. The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion.” Mr. Hager emphasized that by joining forces with Community First Credit Union, “We clearly see the benefits for our customers, and look forward to joining the Community First team.”
