SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On July 30, 2019, the Company and the Bank entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) to acquire Bank of York in York, Alabama (“Bank of York”). The Merger Agreement provides for the merger of Bank of York with and into the Bank, with the Bank as the entity surviving the merger. Following the merger, the Bank will continue as a wholly-owned subsidiary of the Company.

Under the terms of the Merger Agreement, all of the issued and outstanding shares of Bank of York common stock will be converted into and represent the right to receive aggregate merger consideration of $15.0 million. Bank of York will also be permitted under the Merger Agreement to make regular and special pre-closing cash distributions to its shareholders in an aggregate amount of approximately $1.0 million.

At June 30, 2019, Bank of York had approximately $99.5 million in assets, $46.0 million in net loans, $82.3 million in deposits and $11.2 million in stockholders’ equity. Bank of York offers a full range of banking products and services to the residents of Sumter and Tuscaloosa Counties through its two branch locations in York and Livingston, Alabama and a loan production office in Tuscaloosa, Alabama.