Retail Banker International | Who’s Acquiring Who? M&A Activity in the Financial Services Industry in the US decreased by 7% in Q1 2023

Alston & Bird client MidCountry Financial Corp., a savings and loan holding company, has entered into a definitive agreement to sell its Minnesota-based subsidiary, MidCountry Bank, to MidCountry Acquisition Corp., a corporation organized by local investors to acquire the bank.

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.

Alston & Bird client Charter Financial Corporation has entered into a definitive agreement to be acquired by CenterState Bank Corporation for $360.1 million.