CUMMING — A local bank along the Ga. 400 corridor in Cumming has been acquired by an area bank that has branches throughout metro Atlanta and north Georgia.
Community & Southern Bank entered into a definitive agreement and plan of merger to acquire Community Business Bank, which has branches on East Maple Street and Peachtree Parkway.
Pat Frawley, chief financial officer of C&S Holding and its wholly-owned subsidiary, Community & Southern Bank, hailed the agreement.
“This acquisition will significantly expand our presence in Forsyth County and position Community & Southern Bank for future growth in one of the fastest growing markets in Georgia,” Frawley said in a statement.
Carter Barrett, president and CEO of Community Business Bank, which opened in January 2008, said the local bank was born “out of a conversation over a cup of Starbucks.”
He went on to note that its thousands of customers will have a “painless transition. The only thing changing is we’re going from CBB to CSB.”
“Our clients, team members and the businesses we serve will all benefit from being part of one of the strongest and most well-capitalized financial institutions in Georgia,” Barrett said.
Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval by CBB shareholders.
The aggregate transaction value of the acquisition totaled $27.4 million, which translates to $15 per share to common shareholders.
This is the 12th acquisition CSB has made since its founding in 2010, growing its assets to more than $3.4 billion. The announcement also coincides with its fifth anniversary.