Community and Southern Bank merges with Alliance National
May 26, 2014
ATLANTA — Community and Southern Bank, which operates 38 banking offices in metro Atlanta, has acquired Alliance National Bank.
Alliance operates two banking offices in Cumming and Dalton and has $157 million in assests; $92 million in loans and $130 million in deposits.
Community and Southern Bank paid $13.60 per share in cash for outstanding shares of Alliance. The agreement, which was approved by the board of directors of both banks, is expected to close by the third quarter of 2014.
"We are very pleased to announce the acquisition of Alliance National Bank," said Pat Frawley, chief executive officer of C&S Holdings and its wholly-owned subsidiary, Community and Southern Bank. "We are also excited to expand our presence in Forsyth County, one of Georgia's fastest growing markets."