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Georgia-based Community First Bancshares acquires ABB Financial Group

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Georgia-based Community First Bancshares acquires ABB Financial Group

Covington, Ga.-based Community First Bancshares Inc (MHC) completed its merger with Atlanta-based ABB Financial Group Inc., effective at the close of business Jan. 10.

Under the terms of the merger agreement, ABB Financial common shareholders will receive $7.50 for each share of ABB Financial. ABB Financial's preferred stock is also being redeemed, and its trust preferred securities are being acquired by Community First Bancshares and canceled.

Edward Cooney, former president and CEO of ABB Financial and Affinity Bank, was named CEO and director of Community First Bancshares and Newton Federal Bank (MHC). Johnny Smith will remain as president and director of Community First Bancshares and Newton Federal Bank.

The completion of the merger resulted in a bank with about $645 million in total assets, according to a news release.

Banks Street Partners was the financial adviser of Community First Bancshares, while Luse Gorman PC was its legal counsel. RP Financial LC provided a fairness opinion to ABB Financial, and Miller & Martin PLLC was the company's legal counsel.