SRP Federal Credit Union to acquire Southern Bank

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(WJBF) – SRP Federal Credit Union has reached an agreement to acquire Southern Bank.

The announcement details that the combined bank will now have approximately $950 million in assets with over 20 branches in South Carolina and Georgia.

“We are delighted that Southern Bank has agreed to join with SRP Federal Credit Union, to help strengthen and expand our presence in the thriving CSRA region,” said Harry Gunsallus, president and chief executive officer of SRP FCU. “We admire Southern Bank’s high-level of personalized service, focus on improving the communities they serve and the commitment they have to doing what is best for their customers. This service commitment is the same model that we live by every day. This is an exciting opportunity for both organizations, our collective customers and our dedicated teams. We believe that Southern Bank’s five branches are a perfect fit for our Georgia growth plan and there is no overlap of existing SRP locations. Southern Bank is a healthy, well-run bank with an experienced staff that when joined with our staff, product mix and technology offerings we believe will immediately make the combined organization a major player in this market.”

“We are excited to join the SRP Team,” said Preston Conner, CEO of Southern Bank. “We are extremely proud of the relationships we have built at Southern Bank and I am convinced this partnership will significantly benefit our customers, our employees and the communities that we serve.”

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

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