Another Georgia Bank to Be Acquired by Credit Union

SRP Federal Credit Union (North Augusta, SC) has reached an agreement to acquire Southern Bank (Sardis, GA).

SRP FCU has $851 million in assets, according to its most recent call report.

Southern Bank is a privately held bank with $80 million in assets and five branches.

The combined entity would have $950 million in assets and more than 20 offices in Georgia and South Carolina.

The acquisition is expected to be complete in the second quarter of 2018.

This is the eighteenth announced or completed merger between a bank and a credit union, since 2012.

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