River Financial Corporation of Prattville, AL and PSB Bancshares, Inc. of Clanton, AL announced last week the signing of a definitive agreement under which River Bank & Trust and Peoples Southern Bank will enter into a strategic merger to combine two well-respected banking franchises in Alabama. Upon closing of the transaction, the combined bank will exceed one billion in total assets, $660 million in total loans and $890 million in total deposits with fourteen locations across Alabama. Porter White Capital, LLC served as exclusive financial advisor to PSB Bancshares, Inc. and Peoples Southern Bank.
As a result of the merger, People Southern Bank will operate as River Bank & Trust. The parent company of Peoples Southern Bank, PSB Bancshares, Inc., will also merge with the parent company of River Bank & Trust, River Financial Corporation. Upon closing, Charles Moore, who is currently a director of PSB Bancshares, Inc. and Peoples Southern Bank, will join the board of directors of both River Bank & Trust and River Financial Corporation.
As part of the merger, cash and shares of common stock of River Financial Corporation will be issued to the shareholders of PSB in an offering exempt from registration under the Securities Act of 1933. The merger is expected to close no later than the fourth quarter of 2018.
For more information on how Porter White Capital, LLC can assist your bank with its merger and acquisition needs, please email Michael Rediker or call him at (205) 458-9135.