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Coastal Bank acquires of BankSouth in Savannah
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SAVANNAH -- Coastal Bankshares, Inc. and its subsidiary, The Coastal Bank, have acquired BankSouth's Savannah branches as part of a plan to expand The Coastal Bank's footprint and increase assets.
With the acquisition, Coastal Bankshares, operates five full-service banking offices in the Chatham, Effingham and Liberty counties and has total assets of $420 million. Now that the acquisition is complete, Coastal's executive offices and commercial banking offices will move to BankSouth's former downtown Savannah location at 18 W. Bryan St. The bank's office at 27 Bull St. on Johnson Square will continue to operate a downtown branch.
BankSouth, a Greensboro-based community bank, previously operated two offices in the Savannah, one on Johnson Square and one on the city's southside. As part of an agreement, The Coastal Bank has integrated BankSouth's former offices into its current operations, increasing its market share.
"This acquisition significantly enhances our Savannah market presence," said Thomas Wiley Jr., president and CEO of Coastal Bankshares.
"Combining our talent and our resources helps The Coastal Bank increase its footprint in coastal Georgia and underscores the bank's position as a market leader among local community banks. We're delighted that the talented staff from BankSouth has officially joined us and look forward to delivering the ultimate service to new and existing customers."
As part of the acquisition, Thomas C. Hester, former city president of BankSouth, now serves as the Savannah market president of The Coastal Bank. Wiley will continue as the president and CEO of Coastal Bankshares. The board of directors for The Coastal Bank and for BankSouth have successfully combined into one organization comprised of business leaders from across coastal Georgia, including Hinesville attorney Billy Jones.
The transaction was approved earlier this year by the board of directors of both companies and by BankSouth's shareholders. Customary regulatory approvals for bank acquisitions were recently received.
"Like BankSouth, The Coastal Bank has a strong common commitment to building long-term relationships with customers," Hester said. "The Coastal Bank values small business banking and emphasizes commercial and real estate lending as well as commercial deposit solutions. We're excited about this opportunity to take banking in Savannah to an even higher level of success."
The Coastal Bank was established in 1954 and offers a full range of financial services, specializing in small business, consumer banking and real estate lending. A leading community bank headquartered in Savannah, The Coastal Bank excels at building relationships with businesses and consumers throughout the region.
Its current branches include one in downtown Hinesville.
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