Charter Financial in West Point, Ga., has agreed to buy CBS Financial in Smyrna, Ga.

The $1 billion-asset Charter said in a press release Thursday that it will pay $58.8 million, or $20.50 a share for the $369 million-asset parent of Community Bank of the South. The deal is expected to close in the second quarter.

Community Bank of the South has four branches, $330 million in deposits and $296 million in loans.

CBS was advised by Burke Group and Bryan Cave. Charter was advised by FIG Partners and Alston & Bird.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.