Alston & Bird client CoastalSouth Bancshares, Inc., the parent company of CoastalStates Bank, has entered into a definitive merger agreement to acquire First Citizens Financial Corporation, the parent company of Foothills Community Bank, for merger consideration valued at $11.6 million.
Established in 2003 and headquartered in Hilton Head Island, SC, CoastalSouth is a bank holding company focused on commercial, consumer, and mortgage banking products and services that are offered through CoastalStates Bank.
CoastalStates Bank conducts banking operations in South Carolina and Georgia. Foothills Community Bank, which is headquartered in Dawsonville, GA, was established in 2006 and operates two Georgia offices.
Upon completion of the transaction, the combined company will have approximately $537 million in total assets.
The proposed merger has been approved by each company’s board of directors and is expected to close in the third quarter of 2018, subject to the satisfaction of customary closing conditions.
Alston & Bird is a leader in bank and thrift M&A. In 2017, the firm ranked fourth in deal volume with 13 transactions and ninth in deal value of $1.295 billion among more than 100 bank and thrift legal advisors tracked by S&P Global Market Intelligence (formerly SNL Financial).
Advising CoastalSouth is an Alston & Bird team led by partner Mark Kanaly and associate Will Hooper (Financial Services & Products) and counsel Kerry Wenzel and associate Meredith Gage (Employee Benefits & Executive Compensation).