Community Bank Of The South To Join Charter Financial

West Point-based Charter Financial Corp. announced that it has entered into a definitive agreement to acquire Smyrna-based CBS Financial Corp. for $58.8 million.

Community Bank of the South operates three locations in Cobb, in Smyrna, west Marietta and Canton Road.

Under the terms of the agreement, Charter will acquire all of the outstanding shares of CBS common stock for $20.50 per share. Charter acquired three failed banks during the downturn, but the purchase of CBS and its bank, Community Bank of the South, will mark the company’s first live-bank purchase in more than a decade.

The company said that CBS will add approximately $369 million in assets, $330 million in deposits and $296 million in gross loans to its operations, along with four branch locations in Smyrna and Marietta. The company further said that core deposits represent 78-percent of CBS’ total deposit base, while non-interest-bearing deposits represented 18 percent of the seller’s total deposits.

Charter said the pro forma company would have more than 60 percent of its loans and deposits in the Atlanta combined statistical area.

The company also said that Sylvia Hamby, president and COO of Community Bank of the South, would serve as the Cobb County president of CharterBank.

The boards of the companies have unanimously approved the transaction. The deal, which was expected to close in the first quarter of 2016, is subject to the approval of CBS shareholders and regulators.

From the December 2015 issue of The Bright Side, Cobb County Georgia’s Newspaper covering Smyrna, Vinings, Mableton, Powder Springs and Austell, GA.