Community & Southern Bank announced Monday (Aug. 19) that it will purchase four Essex Bank branches in Loganville, Snellville, Grayson and Covington.
CSB entered into a Purchase and Assumption Agreement with Essex to purchase its Georgia banking franchise. Pursuant to the terms of the Purchase and Assumption Agreement, CSB will acquire approximately $192 million in deposits and no loans, according to an announcement on the company's website. The transaction is expected to close in the fourth quarter of 2013.
“We are very pleased to welcome these new clients to CSB and, in conjunction with Essex Bank, to provide them uninterrupted banking service," said Pat Frawley, Chief Executive Officer of CSB. "CSB shares a common commitment to customer service with Essex Bank and we look forward to serving our new clients and communities. Our vision is to become the financial institution of choice in our markets by exceeding the expectations of our clients and our communities."
"We are proud to have the opportunity to serve our new clients and our new markets," continued Frawley. "We believe in the advantages of community banking and we appreciate the strong ties this franchise has to the community. We look forward to working with the employees of Essex Bank as we continue to serve the needs of our clients and communities. We will work our hardest to make the transition for our new clients as smooth as possible.”