Alston & Bird client Charter Financial Corporation, the holding company for CharterBank, has entered into a definitive agreement to acquire Resurgens Bancorp for $26.3 million.
Under the terms of the agreement, Charter will acquire all of the outstanding shares of Resurgens common stock based on a purchase price of $17.00 per share paid in cash.
Charter will add approximately $167 million in assets, $138 million in deposits, and $135 million in gross loans from Resurgens, along with two branch locations.
The transaction is expected to close in the third quarter of 2017 and is subject to approval by Resurgens’ shareholders, receipt of regulatory approvals, and other customary closing conditions.
Advising Charter is an Alston & Bird team led by partner Mark Kanaly, senior associate David Park, and associates Swathi Padmanabhan and John Gerl (Financial Services & Products), assisted by partners Andy Immerman (Tax) and Blake MacKay and John Shannon (Employee Benefits & Executive Compensation).