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Bank merger announced

POSTED: May 20, 2014 12:03 a.m.
 

FORSYTH COUNTY — Community & Southern Bank has announced that it will merge with Alliance National Bank.

Alliance National Bank operates two banking offices in Cumming and Dalton. As of March 31, Alliance had about $157 million in total assets, $92 million of loans, and $130 million of deposits.

Community & Southern currently operates 38 banking offices in metro Atlanta and Georgia’s northern, eastern and western counties, including one in Forsyth County.

Pat Frawley, chief executive officer of Community and Southern, said the acquisition will position Community & Southern as the largest community bank in Dalton.

“We are also excited to expand our presence in Forsyth County, one of Georgia’s fastest growing markets,” Frawley said in a statement.

“Alliance shares our commitment to serving our clients and our communities, and we are excited to welcome them to the Community & Southern family.”

Andrew K. Walker Sr., chief executive officer of Alliance, added that he and his staff are pleased to be joining the C&S team.

“This transaction is the culmination of many months of hard work,” he said, in a statement. “Our customers, employees and the communities we serve will all benefit from being part of Community & Southern Bank. Customers can expect local decision-making and the same quality of friendly customer service they have long enjoyed.”

C&S has agreed to pay $13.60 per share in cash for all outstanding shares of Allinace.

The agreement was unanimously approved by the board of directors of both companies and is expected to close no later than the third quarter of 2014.

 

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