CoastalSouth Bancshares, Inc. completed the acquisition of First Citizens Financial Corporation.
July 16, 2018
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CoastalSouth Bancshares, Inc. (OTCPK:COSO) (“CoastalSouth”) signed a definitive agreement to acquire First Citizens Financial Corporation (“FCFC”) for approximately $11.6 million on May 1, 2018. Under the terms of definitive agreement, each share of common stock of FCFC issued and outstanding immediately prior to the effective time of merger will be converted into the right to receive 0.0330 shares of CoastalSouth common stock or $0.52 in cash (depending upon certain share ownership thresholds). Post transaction, FCFC will merge with and into CoastalSouth and Foothills Community Bank (“Foothills”), a wholly owned subsidiary of FCFC will become part of CoastalStates Bank (“CSB”), a wholly owned subsidiary of CoastalSouth.
The transaction is subject to the receipt of required regulatory approvals, approval of the shareholders of FCFC and other customary closing conditions. The transaction has been approved by each company’s Board of Directors. The transaction is expected to close in the third quarter of 2018. Kevin P. O'Keefe and Andrew Mutch of Sandler O'Neill + Partners, L.P. acted as the financial advisor and Troutman Sanders LLP acted as the legal advisor to First Citizens Financial Corporation whereas Alston & Bird LLP acted as the legal advisor to CoastalSouth Bancshares, Inc. on the transaction.
CoastalSouth Bancshares, Inc. (OTCPK:COSO) completed the acquisition of First Citizens Financial Corporation on July 17, 2018. Foothills Community Bank, a wholly owned subsidiary of First Citizens, will operate as a division of CoastalStates Bank, a wholly owned subsidiary of CoastalSouth, and retain its name following the merger. John L. Lewis, the former Chief Executive Officer of First Citizens and Foothills, will join CoastalStates' executive leadership team and will continue to work closely with Steven F. Smith, CoastalStates' new North Georgia Region President.
CoastalSouth Bancshares, Inc. is a bank holding company. The Companyâs subsidiary is Coastal States Bank (CSB). CSB operates retail banking branches in Beaufort County, South Carolina, Chatham County, Georgia, Dawson County, Georgia, Fulton, County, Georgia and Forsyth County, Georgia. CSB has a community bank presence in the Lowcountry of South Carolina (Hilton Head Island and Bluffton), Savannah, and Atlanta. It provides a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. Its services include digital banking, debit cards, e-statements and notices, loan payments and telephone banking. CSBâs wholly owned subsidiary, Coastal States Mortgage, Inc. (CSM), a mortgage company focused on originating and selling residential mortgages to investors. CSB also serves communities across the country through its government guaranteed lending, senior housing, mortgage banker finance, and marine lending lines of business.