Citizens South Banking (CSBC) Unit Acquires New Horizons Bank
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Citizens South Banking Corporation (Nasdaq: CSBC) subsidiary, Citizens South Bank, announced today that Citizens South Bank has acquired the banking operations of New Horizons Bank in a Federal Deposit Insurance Corporation-assisted transaction.
Under the terms of the transaction, Citizens South Bank will receive approximately $107.6 million in assets, including $76.1 million in loans, and assume $106.0 million in liabilities, including $101.9 million in current deposits of New Horizons Bank, which is located in East Ellijay, Georgia. The FDIC and Citizens South Bank have entered into a loss sharing agreement covering substantially all acquired loans.
Under the terms of the transaction, Citizens South Bank will receive approximately $107.6 million in assets, including $76.1 million in loans, and assume $106.0 million in liabilities, including $101.9 million in current deposits of New Horizons Bank, which is located in East Ellijay, Georgia. The FDIC and Citizens South Bank have entered into a loss sharing agreement covering substantially all acquired loans.
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