FIG Has Now Completed 102 M&A Transactions Totaling
$5.9 Billion In Transaction Value
ATLANTA, May 21, 2018 — Citizens Bancshares Corporation, the holding company of The Citizens Bank, and Regional Bankshares, Inc., the holding company of Heritage Community Bank, have announced a merger agreement in a cash and stock transaction valued at $11.3 million.
The combined company will have approximately $550 million in total assets, $476 million in total deposits, and $356 million in total loans as of March 31, 2018. The transaction will create a 19-office company with locations in the eastern part of South Carolina.
Under the terms of the agreement, Regional shareholders will receive $15.00 in cash or 0.50 shares of Citizens common stock for each share of Regional common stock or Series A Preferred stock. The cash and stock elections are subject to proration to ensure that 40% of the outstanding Regional shares will be exchanged for $15.00 in cash and 60% of the outstanding Regional shares will be exchanged for shares of Citizens common stock.
“Our customers will continue to receive the same high-quality level of service from the bankers who have served them at Heritage Community Bank,” said Curtis A. Tyner, Sr., President and Chief Executive Officer of Regional. “With Citizens, we have found a shared passion for our work with local businesses and professionals. This focus will continue and we are looking forward to the additional capacity that this combination of banks will bring to our customers.”