Atlanta-based Community & Southern Bank said Tuesday that it has completed its acquisition of 14 branches and other assets of CertusBank.
The Greenville, S.C., bank has been struggling with losses and regulatory concerns, and was winding down by selling its operations in three states in four separate deals, according to the Greenville News.
Community & Southern said its deal with CertusBank adds $580 million in deposits and $181 million in loans.
“This transaction builds market depth in key markets and expands our footprint into other exciting markets, including Columbus, Macon, Jefferson and Greensboro, Ga. and Jacksonville, Fla., where we are eager to participate in growth opportunities,” said Pat Frawley, chief executive of Community & Southern.
The bank has $4.4 billion in assets and 45 branches in Georgia.
Launched in the wake of the financial crisis, five-year-old Community & Southern has grown rapidly through a string of acquisitions, often of struggling banks. The CertusBank deal was its 14th.
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