WEST POINT, Ga., Sept. 01, 2017 (GLOBE NEWSWIRE) -- Charter Financial Corporation (NASDAQ:CHFN) announced today the completion of its merger with Tucker, Georgia-based Resurgens Bancorp effective September 1, 2017, pursuant to the previously announced definitive Agreement and Plan of Merger between the Company and Resurgens, dated as of June 1, 2017. Additionally, Resurgens Bank, a wholly-owned subsidiary of Resurgens which operated two branches in the Atlanta metropolitan area, has merged with and into CharterBank, a wholly-owned subsidiary of the Company. The combined Company had, on a pro forma basis as of June 30, 2017, approximately $1.6 billion of total assets, approximately $1.3 billion of deposits and approximately $1.2 billion of loans, with 22 banking offices in Metro Atlanta, the I-85 corridor south to Auburn, Alabama, and the Florida Gulf Coast.
Robert L. Johnson, Chief Executive Officer and Chairman of the Company and CharterBank said, “With the Merger now complete, we are very pleased with our expanded presence in the Metro Atlanta market. We now have over $668.7 million of loans and $711.8 million of deposits, and operate 11 branches in the Atlanta metropolitan area.”
Under the terms of the Merger Agreement, the Company acquired all of the outstanding shares of Resurgens common stock for $17.00 per share, with a total transaction value of approximately $25.8 million. Excluding one-time merger-related costs, the transaction is expected to be immediately accretive to the Company's earnings per common and diluted share. A more complete description of the Merger consideration is contained in the Merger Agreement in an 8-K filed with the Securities and Exchange Commission on June 1, 2017.
Systems conversions and operational integration of Resurgens Bank into CharterBank is expected to be finished in February 2018. Until this time, Resurgens clients should continue to conduct their banking business as usual using existing Resurgens branches, debit cards, checks, ATMs and making loan payments until conversion is complete. The Company will communicate with our new customers as we complete the integration.
Charles M. DeWitt III, who previously served as founding CEO of Resurgens, will serve as Charter's President of the North Atlanta market. In addition to managing his team in DeKalb County, Mr. DeWitt will also manage the four Cobb County branches brought over in the acquisition of CBS Financial Corporation ("CBS").
“We are thrilled to have Charles join our management team,” Mr. Johnson said. “Charles has done excellent work at Resurgens as CEO, and we expect his strong leadership across this wider market area."
Sylvia D. Hamby, who previously served as Cobb County President after making the transition from CBS, is retiring.
“Sylvia's presence during the acquisition and integration of the CBS team was invaluable, and she has done an amazing job making that team part of the CharterBank family and building our business in Cobb County,” Mr. Johnson said. “We congratulate Sylvia on her many contributions and accomplishments, and wish her nothing but the best in her retirement.”
About Charter Financial Corporation
Charter Financial Corporation is a savings and loan holding company and the parent company of CharterBank, a full-service community bank and a federal savings institution. CharterBank is headquartered in West Point, Georgia, and operates branches in Metro Atlanta, the I-85 corridor south to Auburn, Alabama, and the Florida Gulf Coast. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation. Investors may obtain additional information about Charter Financial Corporation and CharterBank on the internet at www.charterbk.com under About Us.