On August 20, 2019, Community First Bancshares, Inc., Covington, Georgia (“Community First”), the holding company for Newton Federal Bank, and ABB Financial Group, Inc., Atlanta, Georgia (“ABB”), the holding company for Affinity Bank, announced the signing of a definitive merger agreement, pursuant to which ABB will merge with and into Community First, with Community First as the resulting company. ABB shareholders will receive $7.50 in cash per share of ABB common stock. The total merger consideration is valued at approximately $40.3 million.
This is Luse Gorman’s 12th bank merger transaction announced in 2019.
Community First and Newton Federal Bank have approximately $305 million in total assets and operate two full-service offices in Covington, Georgia and loan production offices in Athens, Georgia and Braselton, Georgia.
ABB Financial Group and Affinity Bank have approximately $308 million in assets and operate through a main office in Atlanta, Georgia and a loan production office serving the Alpharetta and Cumming, Georgia markets.