CU Bank Merger Canceled

The Georgia Department of Banking and Finance is reporting that Southern Bank (Sardis, GA) has withdrawn its application of dissolution.

Southern Bank had on November 28, 2017 entered into agreement to be acquired by SRP Federal Credit Union (North Augusta, SC).

The Georgia Banking Regulator had approved the application for dissolution on December 7, 2018. But less than two weeks later, the application was withdrawn on December 19, 2018.

A news release dated December 21 stated, “Although the original rationale for the consolidation had merit, the parties determined that terminating the purchase and assumption agreement was in the best interest of both companies and their respective shareholders at this time.”

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