Peoples Southern Bank merging with River Bank & Trust
By J.R. Tidwell / Editor
Peoples Southern Bank announced via press release July 11 that it will be entering into a strategic merger with River Bank & Trust.
The merger will “combine two well-respected banking franchises in Alabama.”
The combined bank will exceed $1 billion in total assets, $660 million in total loans, $890 million in total deposits and will feature 14 locations across the state of Alabama.
“Our respective boards and executive management teams believe the merger of these two community banks is in the best long-term interest of our customers, communities, employees, and shareholders. This is a great combination for families and business owners in the communities we serve,” said Jimmy Stubbs, chief executive officer of River Bank & Trust and Richard Moore, president and chief executive officer of Peoples Southern Bank in a joint statement.
Peoples Southern Bank will operate as River Bank & Trust after the merger is complete
“As a part of the merger, cash and shares of common stock of River Financial Corporation will be issued to the shareholders of PSB Bancshares in an offering exempt from registration under the Securities Act of 1933 (the “Securities Act”),” the release stated. “Thus, such shares will not be registered under the Securities Act or the securities laws of any other jurisdiction, and they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable securities laws of any other jurisdiction.”
The merger is subject to regulatory approval and shareholder approval and is expected to close by the fourth quarter of this year.
Peoples Southern Bank, based in Clanton, has been in operation since 1901. The bank has two offices in Clanton and one in Thorsby.
River Bank & Trust was founded in 2006 with branches in Alexander City, Auburn, Gadsden, Millbrook, Montgomery, Opelika, Prattville and Wetumpka.