Press Release 05.01.18
CoastalSouth Bancshares, Inc. and First Citizens Financial Corporation
Announce Definitive Merger Agreement
Stephen R. Stone
Chief Executive Officer
CoastalSouth Bancshares, Inc.
Hilton Head Island, South Carolina and Dawsonville, Georgia (May 1, 2018) – CoastalSouth Bancshares, Inc. (“CoastalSouth” or the “Company”), the parent company of CoastalStates Bank (“CSB”) and First Citizens Financial Corporation (“FCFC”), the parent company of Foothills Community Bank (“Foothills”), announced today the signing of a definitive merger agreement pursuant to which FCFC will merge with and into CoastalSouth.
“We are excited to announce our partnership with Foothills and our expansion into North Georgia,” said Steve Stone, Chief Executive Officer of CoastalSouth and CSB. “Our management team knows the Dawsonville and Cumming markets well; and we have a great deal of experience working with, and respect for, John, Steven, and the Foothills team. Like CSB, Foothills is LOCAL, and proud of it.”
John Lewis, Chief Executive Officer of FCFC, stated, “Our customers, employees, and communities will benefit from being part of CSB, given the similarities in our culture and our shared commitment to community banking. Additionally, our Forsyth and Dawson markets will continue to grow and prosper under the existing leadership of Daniel Baker and Adam Smith, respectively.”
The proposed merger has been approved by each company's Board of Directors and, subject to the satisfaction of customary closing conditions, is expected to close in the third quarter of 2018.
Sandler O’Neill & Partners, L.P. acted as the financial adviser to FCFC, and Troutman Sanders acted as its legal counsel. CoastalSouth was represented by the law firm of Alston & Bird, LLP.
About the CoastalSouth Bancshares, Inc.
Established in 2003, CoastalSouth Bancshares, Inc. (OTCQX: COSO), a Virginia corporation, is a headquartered in Hilton Head Island, South Carolina. CoastalSouth, through its wholly-owned subsidiary, CoastalStates Bank, offers a variety of financial resources to help clients achieve their goals, including commercial, consumer, and mortgage banking products and services. CoastalStates Bank conducts banking operations through four full service branches in Hilton Head Island and Bluffton, South Carolina, as well as offices in Savannah and Atlanta, Georgia. As of March 31, 2018, the Company had approximately $442 million in total assets.
For additional information regarding the Company and CoastalStates Bank visit www.coastalstatesbank.com.
About First Citizens Financial Corporation
Established in 2006, First Citizens Financial Corporation is a one bank holding company in Dawsonville, Georgia. Foothills Community Bank, a wholly owned subsidiary of First Citizens Financial Corporation with $95 million in total assets, operates two full service community bank offices located in Dawsonville and Cumming, Georgia.