New York City firm closes deal for Va.-based New Horizon Bank for $12M in cash

New York City-based CSBH LLC on March 1 completed its acquisition of Powhatan, Va.-based New Horizon Bank NA as a wholly owned subsidiary for about $12.1 million in cash.

At the close of business day on March 1, CSBH's wholly owned interim bank subsidiary, NH Interim Bank NA, completed its consolidation into New Horizon Bank, paving the way for CSBH to fully own New Horizon Bank, according to a press release.

CSBH paid the deal amount in cash in exchange for the shares of New Horizon's common stock that were outstanding immediately before the consolidation.

New Horizon added Uriel Cohen and Douglas Mitchell to its board following the resignation of six of its 11 directors in connection with the consolidation, as agreed on by the bank and CSBH.

Mitchell was named president and CEO of New Horizon, while the bank's former president and CEO, Brian Grizzard, was appointed chief lending officer.

Baker Donelson Bearman Caldwell & Berkowitz PC acted as CSBH's legal counsel in the deal. Feldman Financial Advisors acted as financial adviser, and Buckley LLP as legal counsel, to New Horizon.