Oconee Federal Financial Corp. (OFED) in Seneca, S.C., has agreed to buy Stephens Federal Bank in Toccoa, Ga.
Oconee would acquire Stephens' three Georgia branches and $158 million in assets in the deal, according to the companies' joint Thursday press release. The $360 million-asset Oconee has four branches in South Carolina.
The terms of the deal were not disclosed. The merger is expected to close in the third or fourth quarter.
"This transaction provides us with an excellent platform to further grow and diversify our franchise in new markets that are contiguous to our existing market and with similar economic and demographic characteristics," Oconee chairman and chief executive T. Rhett Evatt said in the release.
Luse Gorman Pomerenk & Schick acted as Oconee's legal counsel and Capital Resources Group acted as its financial advisor. Spidi & Fisch served as Stephens Federal's legal counsel and McAuliffe Financial acted as financial advisor.