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Old 07-21-2015, 07:04 PM
 
Location: Columbus, GA
912 posts, read 973,558 times
Reputation: 125

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Southern States Bank, the wholly owned subsidiary of Southern States Bancshares Inc., announced the signing of a definitive agreement to acquire Columbus Community Bank, which is headquartered in Columbus, Ga., for about $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.

Financial experts have predicted the post-recession banking scene would include many mergers and acquisitions as smaller institutions look to grow.

Steve Whatley, chairman, CEO and president of Southern States Bank said the 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.“

Southern States Bank currently operates offices in Anniston, Opelika, Birmingham, Huntsville and Sylacauga in Alabama and offices in Columbus and Carrollton, Ga.

“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," Whatley said.
Southern States Bancshares Inc. and Southern States Bank were advised in this transaction by the law firm of Jones Walker LLP and its financial adviser SunTrust Robinson Humphrey Inc.
Columbus Community Bank was advised by the law firm of Martin Snow LLP.
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Old 07-22-2015, 05:25 AM
 
322 posts, read 466,256 times
Reputation: 72
So their building a branch across from Mellow Mushroom and merging/acquiring CCC on Whittlesey - seems kind of close together, but I guess this good news. I've heard good things about the local group and I know they're vying for market share.
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Old 07-22-2015, 10:59 AM
 
Location: Columbus, GA
912 posts, read 973,558 times
Reputation: 125
Quote:
Originally Posted by OldRiverRd View Post
So their building a branch across from Mellow Mushroom and merging/acquiring CCC on Whittlesey - seems kind of close together, but I guess this good news. I've heard good things about the local group and I know they're vying for market share.
Yeah, I feel like they'll bow out of the Veterans branch - if they don't that would be a horrible move on their part. They need to look for a branch closer to Peachtree Mall area. Branches are unneeded in the near future, so don't get all crazy and build a huge branch 2 miles from each other.
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