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Drummond Banking completes acquisition of PSB BancGroup

Chiefland, Fla.-based Drummond Banking Co. on Jan. 1 completed its acquisition of Lake City, Fla.-based PSB BancGroup Inc. and unit Peoples State Bank.

The financial terms of the transaction were not disclosed.

Following the acquisition, Drummond Community Bank will operate 17 banking offices and two loan production offices. The combined bank will have more than $600 million in assets, more than $550 million in deposits, and more than $340 million in loans, with consolidated capital and reserves totaling more than $62 million.

ProBank Austin served as financial adviser to Drummond Banking.