FIG Has Now Completed 39 M&A Transactions
Totaling More Than $2.4 Billion Since 2015
ATLANTA, June 1, 2017 — Charter Financial Corporation (NASDAQ:CHFN) will acquire Resurgens Bancorp under a definitive agreement announced June 1, 2017.
Charter Financial Corporation (Charter), the holding company of CharterBank, will merge with Resurgens Bancorp (Resurgens). Resurgens Bank will be merged into CharterBank.
Under the terms of the agreement, Charter will acquire all of the outstanding shares of Resurgens common stock based upon a purchase price of $17.00 per share, paid in cash. The total transaction value is approximately $26.3 million. The transaction is expected to close in the third quarter of 2017.
Resurgens will add approximately $167 million in assets, $138 million in deposits, and $135 million in gross loans to Charter’s operations, along with two branch locations in Tucker and Decatur, Georgia.
“Charles M. DeWitt III, President and Chief Executive Officer of Resurgens Bank, and his team have done a fantastic job of building Resurgens into a clean, attractive franchise that nicely infills our branch system with two new ‘in-town’ Atlanta locations,” said Robert L. Johnson, Chief Executive Officer and Chairman of Charter and CharterBank. “I am especially pleased to announce that Charles will stay on to serve as the DeKalb County President of CharterBank.”
FIG served as financial advisor to Charter Financial Corporation. The FIG team included Matthew Veneri, Managing Principal and Co-Head of Investment Banking, and Eric Lawless, Principal and Head of Corporate Development.
More information about the agreement is available here.
Since 2003, FIG has been the trusted advisor to community banks and investors. Year to date, FIG has completed eight M&A transactions totaling more than $427 million in transaction value.