ATLANTA — Four southern Gwinnett/Newton bank branches will come soon under new ownership.
On Wednesday, Community & Southern Bank announced it is purchasing Essex Bank’s Georgia franchise. The franchise is composed of four ranches located in Loganville, Snellville, Grayson and Covington.
According to the purchase and assumption agreement, the company will aquire about $192 million in deposits and no loans. The purchase, which is expected to close in the fourth quarter of the year, is subject to regulatory approval.
“We are pleased to welcome these new clients to CSB and, in conjunction with Essex Bank, to provide them uninterrupted banking service,” said the bank’s Chief Executive Officer Pat Frawley. “CSB shares a common commitment to customer service with Essex Bank and we look forward to serving our new clients and communities. Our vision is to become the financial institution of choice in our markets by exceeding the expectations of our clients and our communities.”
The four local branches will join Community & Southern Bank’s 34 banking offices across Georgia.
“We are proud to have the opportunity to serve our new clients and our new markets,” Frawley said. “We believe in the advantages of community banking and we appreciate the strong ties this franchise has to the community.
“We look forward to working with the employees of Essex Bank as we continue to serve the needs of our clients and communities,” he added. “We will work our hardest to make the transition of our new clients as smooth as possible.”