RUSSELLVILLE, Ala. and TALLASSEE, Ala., April 24, 2019 /PRNewswire/ -- CBS Banc-Corp, Inc. ("CB&S"), headquartered in Russellville, Alabama, and PrimeSouth BancShares, Inc. ("PrimeSouth"), headquartered in Tallassee, Alabama, today jointly announced the signing of a definitive merger agreement whereby PrimeSouth Bank will merge with and into CB&S Bank. The merger will create the largest privately held and the fourth largest Alabama-based financial institution. The merger is subject to customary closing conditions, including approval from PrimeSouth shareholders and bank regulators. The transaction is expected to occur in the third quarter of 2019.
Upon completion of the merger, the combined company will operate under the CB&S Bank brand, have over 50 locations in Alabama, Mississippi, and Tennessee, and have total assets in excess of $1.9 billion.
Under the terms of the merger agreement, shareholders of PrimeSouth will receive 100% cash for each share of the company's common stock. Other financial terms were not disclosed.
"We are excited to combine with such a strong bank as CB&S Bank," stated Dave Baggett, President and Chief Executive Officer of PrimeSouth. "We are pleased that our companies possess a similar culture and commitment to our customers and the communities we serve. This is a win-win for both companies' shareholders, customers, and employees."