Community First CU of Florida to Acquire Georgia-Based Bank; 2nd Acquisition Announced This Week

Editor’s Note: This story has been updated to reflect the correct distance between the two institutions.

JACKSONVILLE, Fla.–In the second such announcement in as many days, Community First Credit Union of Florida said it has reached an agreement to acquire substantially all of the assets and assume substantially all of the liabilities of First Southern Bank in Waycross, Ga. from the holding company FSBH Corp., which is headquartered in Bradenton, Fla.

The $2.88-billion Community First said it will acquire the $324-million bank’s four Georgia and three Florida branches, which will bring its network of branches to 31. 

Waycross, Ga. is in North Georgia, approximately 75 miles north of Community First’s Jacksonville, Fla. headquarters. 

In connection with the transaction, the shareholders of FSBH will receive approximately $17.14 in cash for each share of FSBH common stock.

Deal Estimated at $51 Million

The company is listed in the OTC Pink Sheets and is traded infrequently, with the last trade coming at $10 a share in September, according to Yahoo Finance, which further reported FSBH listed three-million shares outstanding in its 2024 annual report, making the value of the deal about $51 million.

The institutions did not release terms of the deal as part of the announcement.

Community First posted $21.4 million in net income and had net worth of 12.94% as of Sept. 30. 

“The acquisition broadens Community First’s commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking,” the organizations said in a statement.

‘Growth Opportunities’ Cited

“While we love the growth opportunities that come with the transaction, this acquisition is founded on a unified vision between Community First and First Southern Bank,” said Sam Inman, president and CEO of Community First, in a statement. “Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence.

“This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons,” Inman added. 

Daniel S. Hager, chairman and CEO of FSBH and First Southern Bank added, “We are excited about the opportunity to unite these two like-minded organizations…We clearly see the benefits for our customers, and look forward to joining the Community First team.

Second Acquisition of the Week

The Community First acquisition of First Southern Bank is the second such acquisition by a credit union this week. As the CU Daily reported here, El Paso, Texas-based GECU said it has entered into a definitive agreement to acquire substantially all the assets and all the liabilities of Roswell, N.M.-based Bank of the Southwest, which has 11 locations throughout New Mexico, in an all-cash transaction.