The metro area’s largest credit union on Wednesday announced it intends to acquire a Burke County-based community bank.
SRP Federal Credit Union said in a news release it has “signed a definitive agreement” to purchase Sardis, Ga.-based Southern Bank, a privately held, five-branch operation with $80 million in assets.
The combined entity would have approximately $950 million in assets and more than 20 branch offices in Georgia and South Carolina. Financial terms of the deal, expected to be complete in the second quarter of 2018, were not immediately disclosed.
SRP President and CEO Harry Gunsallus stated the acquisition will help “strengthen and expand our presence in the thriving CSRA region.
“This is an exciting opportunity for both organizations, our collective customers and our dedicated teams,” he said. “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.”
Gunsallus said Southern Bank is a “healthy, well-run bank with an experienced staff.”
The deal, which is subject to regulatory and shareholder approval, was approved by the Board of Directors of each company.
“We are excited to join the SRP team,” Southern Bank CEO Preston Conner said in a statement. “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.”
SRP was founded in 1960 and has more than 120,000 members. Southern Bank was founded in 1945.