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SRP FCU to buy Georgia-based Southern Bank

North Augusta, S.C.-based SRP FCU is acquiring Southern Bank of Sardis, Ga., reported Nov. 29.

SRP had $851.1 million in assets as of Sept. 30. Southern Bank, a Sardis Bankshares Inc. subsidiary, had $80.3 million in assets.

The deal, which is still subject to regulatory and bank shareholder approvals, is expected to close in the second quarter of 2018.

SNL valuations for bank and thrift targets in the Southeast region between Nov. 29, 2016, and Nov. 29, 2017, averaged 159.64% of book, 169.46% of tangible book and had a median of 23.77x last-12-months earnings, on an aggregate basis.

SNL data shows that in Georgia, Southern Bank operates three branches in Burke County, ranked third with a 15.97% share of about $225.6 million in total market deposits, operates one branch in Richmond County, ranked No. 11 with a 0.69% share of roughly $3.38 billion in total market deposits, and operates one branch in Glascock County, ranked first with a 100.0% share of about $12.0 million in total market deposits.

SRP was represented in the deal by Michael Bell, attorney and counselor of Howard & Howard.

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