Southern States Bancshares in Anniston, Ala., has agreed to buy Columbus Community Bank in Georgia for $21.4 million.
The $340 million-asset Southern States expects the all-cash deal to close in the third quarter, pending approval from regulators and from Columbus Community shareholders.
The $122 million-asset Columbus Community operates one branch in Columbus, Ga., and Southern States already operates one branch in Columbus. The deal would give Southern States a total of eight branches in Alabama and Georgia.
Southern States has made one acquisition in its history: the failed Alabama Trust Bank in Sylacauga in 2012.
SunTrust Robinson Humphrey was financial adviser to Southern States and Jones Walker was its legal counsel. Martin Snow was legal counsel to Columbus Community.