Fintech: Southeast News

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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.”


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