CoastalSouth Bancshares, Inc. Closes Merger with First Citizens Financial Corporation
CoastalSouth Bancshares, Inc. (“CoastalSouth”), the parent company of CoastalStates Bank (“CSB”), announced the closing of its merger with First Citizens Financial Corporation (“FCFC”), the parent company of Foothills Community Bank (“Foothills”).
Along with the merger of FCFC with and into CoastalSouth, Foothills merged with and into CSB.
“With the merger of Foothills and CSB, we’ve created a partnership that will strengthen our commitment to delivering a local community bank experience to communities throughout Georgia and South Carolina,” said Steve Stone, Chief Executive Officer of CoastalSouth and CSB. “Due to the support of the FCFC shareholders and the partnership that has already been established between the CSB and Foothills teams, we were able to consummate this transaction in less than three months. I couldn’t be prouder of everyone involved.”
Foothills Community Bank will retain its name following the merger and operate as a division of CoastalStates Bank. John L. Lewis, the former CEO of FCFC and Foothills, will join CSB’s executive leadership team and will continue to work closely with Steven F. Smith, CSB’s new North Georgia Region President. Lewis noted: “I am pleased with the completion of this important milestone and the immense opportunity this partnership has afforded our shareholders, customers and banking team. As a division of CoastalStates Bank, we will continue to grow a strong and healthy bank.”
Stone added, “Both the CSB and Foothills teams are working hard to insure an exceptional customer experience leading up to and following our systems integration. I have no doubt John, Steven and the entire Foothills team are poised to deliver on our ‘Local’ promise to the Dawsonville and Cumming communities.”
Sandler O’Neill & Partners, L.P. acted as the financial adviser to FCFC, and Troutman Sanders LLP acted as its legal counsel. CoastalSouth was represented by the law firm of Alston & Bird LLP.
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