Constancy BancShares has agreed to amass all excellent widespread inventory of Affinity Bancshares in an all-cash deal valued at about $142.8m.
This transfer will see Constancy set up its presence in Georgia for the primary time.
Shareholders of Affinity will obtain $23 per share in money, with the ultimate quantity topic to potential adjustment based mostly on Affinity’s adjusted stockholders’ fairness at closing.
Excellent Affinity inventory choices will likely be paid out in line with their in-the-money worth.
After the merger, the mixed entity is anticipated to have whole belongings of roughly $5.5bn, deposits amounting to $4.6bn, and loans totalling $3.6bn.
The post-merger department community will embrace two areas in Georgia, supplementing Constancy’s 52 branches in North Carolina, in addition to two in South Carolina and one in Virginia.
The boards of each firms have unanimously accredited the deal.
Completion is anticipated within the third quarter of 2026, pending regulatory clearance, a vote by Affinity shareholders, and different commonplace closing necessities.
Constancy Financial institution president and CEO Mary Willis stated: “We’re extremely excited to welcome Affinity Financial institution’s clients and staff into the Constancy Financial institution household and to broaden our presence into Georgia.
“This partnership brings collectively two communityfocused organisations that share a powerful dedication to relationshipdriven banking and placing folks first. We sit up for constructing on Affinity Financial institution’s robust native popularity whereas persevering with to serve clients and communities with the identical private consideration and care they know and belief.”
Affinity president and CEO Ed Cooney added: “Constancy Financial institution and Affinity Financial institution share large cultures constructed over a few years of service to our respective clients, staff and communities. Our partnership will improve Affinity Financial institution’s capabilities and suite of companies which can profit clients as we proceed to broaden our Georgia presence.”
“Constancy BancShares to amass Affinity for $142.8m ” was initially created and printed by Retail Banker Worldwide, a GlobalData owned model.
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