Citizens in Mississippi adds to Gulf Coast operations with latest deal
Citizens Holding in Philadelphia, Miss., has agreed to buy Charter Bank in Biloxi, Miss.
The $1.1 billion-asset Citizens said in a press release Tuesday that it will pay $20 million in cash and stock for the $161 million-asset Charter. The deal, which is expected to close in the fourth quarter, priced Charter at 140% of its tangible book value.
Charter has four branches, $134 million in deposits and $110 million in loans.
Gregory Cronin, Charter’s CEO, will have a leadership position at Citizens. A Charter director will join Citizens’ board.
“Charter was founded by a group of individual bankers who believed their customers had a need for better banking services, and they have built their institution around the philosophy of making decisions that best serve the interests of their customers,” Gregory McKee, Citizens’ president and CEO, said in the release.
“At Citizens we share these values and are excited to be adding a similar franchise into our fold while bolstering our presence throughout the Mississippi Gulf Coast,” McKee added.
Keefe, Bruyette & Woods and Baker, Donelson, Bearman, Caldwell & Berkowitz advised Citizens. FIG Partners and Butler Snow advised Charter.