FIG Has Now Advised On 29 Whole Bank Transactions Nationwide
Totaling Over $1.8 Billion Since 2015
ATLANTA, Nov. 18, 2016 — SouthCrest Financial Group, Inc. has announced an agreement to sell two of its branches in Alabama and all related deposits and assets to Guardian Credit Union.
Under terms of the agreement, Guardian will pay a 5% deposit premium on $45 million of total transferred deposits and purchase over $6 million in loans.
The sale will strengthen the Alabama asset portfolio of Guardian Credit Union, while supporting SouthCrest Financial Group’s strategic plan to grow its private business banking operations in the Atlanta region.
“It’s a win-win for the two financial institutions and the two markets in which they focus their operations,” said Brian D. Schmitt, Chief Executive Officer of SouthCrest Financial Group, Inc. “And, our employees and managers will be joining one of the most successful, distinguished and admired credit unions in the South.”
The sale is expected to close in early 2017. Please click here for more information about the announcement.
To learn more about FIG Partners, visit www.figpartners.com.