RUSSELLVILLE, Ala. and TALLASSEE, Ala., April 24, 2019 /PRNewswire/ -- CBS Banc-Corp, Inc. ("CB&S"), headquartered in Russellville, Alabama, and PrimeSouth BancShares, Inc. ("PrimeSouth"), headquartered in Tallassee, Alabama, today jointly announced the signing of a definitive merger agreement whereby PrimeSouth Bank will merge with and into CB&S Bank. The merger will create the largest privately held and the fourth largest Alabama-based financial institution. The merger is subject to customary closing conditions, including approval from PrimeSouth shareholders and bank regulators. The transaction is expected to occur in the third quarter of 2019.
Upon completion of the merger, the combined company will operate under the CB&S Bank brand, have over 50 locations in Alabama, Mississippi, and Tennessee, and have total assets in excess of $1.9 billion.
Under the terms of the merger agreement, shareholders of PrimeSouth will receive 100% cash for each share of the company's common stock. Other financial terms were not disclosed.
"We are excited to combine with such a strong bank as CB&S Bank," stated Dave Baggett, President and Chief Executive Officer of PrimeSouth. "We are pleased that our companies possess a similar culture and commitment to our customers and the communities we serve. This is a win-win for both companies' shareholders, customers, and employees."
"We cannot think of a better banking partner than Dave Baggett and his team at PrimeSouth. As a native of the River Region, I am thrilled to be able to do business where I was born and raised," stated Mike Ross, President and Chief Executive Officer of CB&S. "This combination also allows CB&S Bank to further expand in the Birmingham market, one of the key growth markets in Alabama. We have wanted to expand in central Alabama for some time so it was the perfect fit to partner with a high-quality community bank like PrimeSouth."
CBS Banc-Corp, Inc. was advised by Bradley Arant Boult Cummings LLP as legal counsel. PrimeSouth BancShares, Inc. was advised by Jones Walker LLP as legal counsel and Porter White Capital, LLC as financial advisor.
About CBS Banc-Corp, Inc.
CBS Banc-Corp, Inc. is a bank holding company headquartered in Russellville, Alabama. The company's banking subsidiary, CB&S Bank was founded in 1906 and is one of the largest community banks headquartered in Alabama with over 50 offices in Alabama, Mississippi, and Tennessee. The company offers a complete line of full-service banking products and other related financial services to retail and commercial customers through its subsidiaries. Additional information about the bank can be found at www.cbsbank.com.
About PrimeSouth BancShares, Inc.
PrimeSouth BancShares, Inc. is a bank holding company headquartered in Tallassee, Alabama. The company's banking subsidiary, PrimeSouth Bank, was established in 1958 as The Peoples Bank and later changed its name in 2004. PrimeSouth operates five locations in Tallassee, Birmingham, Pike Road, and Wetumpka. Additional information about the bank can be found at www.primesouthbank.com.
SOURCE CBS Banc-Corp, Inc.