CoastalSouth Bancshares, Inc., the parent company of CoastalStates Bank, and First Citizens Financial Corporation, the parent company of Foothills Community Bank, announced last week that the two entities had entered an agreement under which First Citizens will merge into CoastalSouth Bank.
The two local banks included in the merger are the Dawsonville and Cumming branches of Foothills Community Bank.
“Our customers, employees and communities will benefit from being part of CSB, given the similarities in our culture and our shared commitment to community banking,” said John Lewis, chief executive officer of FCFC. “Additionally, our Forsyth and Dawson markets will continue to grow and prosper under the existing leadership of Daniel Baker and Adam Smith, respectively.”
Steve Stone, chief executive officer of CoastalSouth and CSB, said that the company is excited to announce the partnership with Foothills and the expansion into north Georgia.
“Our management team knows the Dawsonville and Cumming markets well; and we have a great deal of experience working with, and respect for, John, Steven and the Foothills team,” Stone said. “Like CSB, Foothills is local, and proud of it.”
The proposed merger has been approved by each company's board of directors and, subject to the satisfaction of customary closing conditions, is expected to close in the third quarter of 2018.
Established in 2003, CoastalSouth Bancshares, Inc., a Virginia corporation, is a headquartered in Hilton Head Island. CoastalSouth, through its wholly-owned subsidiary, CoastalStates Bank, offers a variety of financial resources to help clients achieve their goals, including commercial, consumer and mortgage banking products and services.
CoastalStates Bank conducts banking operations through four full-service branches in Hilton Head Island and Bluffton, S.C., as well as offices in Savannah and Atlanta.
As of March 31, 2018, the company had approximately $442 million in total assets.
Established in 2006, First Citizens Financial Corporation is a one bank holding company in Dawsonville.
Foothills Community Bank, a wholly owned subsidiary of First Citizens Financial Corporation with $95 million in total assets, operates two full-service community bank offices located in Dawsonville and Cumming.
The Dawsonville office is located at 70 Carlisle Road; the Cumming office is located at 5835 Bethelview Road.