CertusBank in Greenville, S.C., plans acquire the small business lending operations of a struggling Georgia bank.
The $1.8 billion-asset bank said in a press release Wednesday it would buy Quadrant Financial from the $500 million-asset First Chatham Bank in Savannah. By dollar amount, Quadrant is the largest originator of loans guaranteed by the Small Business Administration in South Carolina and is the 22nd largest in the country, CertusBank said in a press release. “It positions us perfectly to expand our small to mid-size business platform in the Southeast, especially in our headquartered state of South Carolina,” said Walter L. Davis, co-chief executive of CertusBank, in a press release. Quadrant’s co-founders and leaders, John Handmaker and George Vredeveld, are expected to continue to lead the business, which has offices in eight states. The banks did not disclose a price or say when the deal is expected to close.