December 1, 2017
Greenville of counsel Chad Lott recently represented Southern Bank of Sardis, Ga. in negotiations toward a definitive agreement for its acquisition by SRP Federal Credit Union of North Augusta, S.C. Assisting him were attorneys Neil Grayson, Katherine Gutierrez, and Ricky Davis. Wendy Parker, Ken Janik, and Eric Smith also assisted with specific sections in the Purchase and Assumption Agreement (environmental, employee benefits, and real estate, respectively). The combined entity will have approximately $950 million in assets with more than 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 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.
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