SouthCrest Financial Group in Woodstock, Ga., has agreed to sell its only Alabama branches to Guardian Credit Union in Montgomery, Ala.
The $550 million-asset SouthCrest said in a press release Wednesday that Guardian will pay a 5% premium for about $45 million in deposits at the two branches, located in Maplesville and Clanton. The deal, which is expected to close early next year, also includes more than $6 million in loans.
SouthCrest said the sale allows it to focus more on its private business banking operations around Atlanta.
Employees at the branches will join the $375 million-asset Guardian, which has more than 41,500 members and 12 locations.
FIG Partners advised SouthCrest. Howard & Howard advised Guardian.
