Posted September 01, 2021
SouthPoint Bancshares and Merchants Financial Services have signed a merger agreement in a cash-plus-stock deal.
The arrangement means the companies, which are the respective parents of SouthPoint Bank and Merchants Bank of Alabama, will have $1bn in assets, $895m in deposits and 10 branches, based on their June 2021 financials.
It will see local community bank SouthPoint extend its five-branch franchise from metro Birmingham, Alabama, up the I-65 corridor to include locations in the Merchants heartland cities of Cullman, Hanceville, and Arab.
Merchants Bank of Alabama will continue to operate under its current name as a division of SouthPoint Bank after completion of the merger, which is expected to be in early 2022.
SouthPoint president and CEO, J. Stephen Smith, said: “We are extremely excited to join with the Merchants Bank team and serve their markets in Cullman and Marshall counties. We look forward to a bright future together.”
TO READ THE FULL STORY
Only B2BAmericanSoutheast.com members have access to curated Southeast news for technology, fintech, growth and exporting specifically for the 27 major cities in the regional states of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee. It’s about the executives and the decisions that result in the business activities that make the American Southeast the strong economic powerhouse – even stronger. Subscribe now!