Business

May 16, 2014

Community & Southern Holdings to acquire Alliance National Bank

— Community & Southern Holdings Inc. said Friday it has reached an agreement to acquire Alliance Bancshares Inc. and its subsidiary, Alliance National Bank.

Alliance National Bank has a branch in Dalton at 210 W. Morris St.

As of March 31, Alliance National Bank had approximately $157 million in assets, $92 million in loans and $130 million in deposits, according to a press release from Community & Southern Holdings.

“We are very pleased to announce the acquisition of Alliance National Bank,” said Pat Frawley, chief executive officer of Community & Southern Holdings and its subsidiary, Community & Southern Bank (CSB). “This acquisition will position Community & Southern as the largest community bank in Dalton, a market that has proven its resilience following the downturn in the economy and the housing and flooring industries in particular.

“We are also excited to expand our presence in Forsyth County, one of Georgia’s fastest growing markets. Alliance shares our commitment to serving our clients and our communities and we are excited to welcome them to the Community & Southern family. Jack Turner built a fine bank and we are honored to carry on his legacy of civic involvement and community service.”

Jackson P. “Jack” Turner of Dalton founded Alliance National Bank and served as its chairman for 14 years. He died Monday at the age of 89.

Andy Walker, chief executive officer of Alliance and Jack Turner’s son-in-law, said in the press release, “We are very pleased to be joining the C&S team. This transaction is the culmination of many months of hard work and I am certain that my father-in-law would have been pleased to see it consummated.

“Our customers, employees and the communities we serve will all benefit from being part of Community & Southern Bank. Customers of Alliance National Bank can expect local decision making and the same quality of friendly customer service they have long enjoyed.”

Community & Southern Holdings has agreed to pay $13.60 per share in cash for all outstanding shares of Alliance. The agreement was unanimously approved by the boards of directors of both companies and is expected to be finalized by the end of the third quarter of this year. The agreement must be approved by Alliance shareholders.

CSB operates 38 branches in metro Atlanta and elsewhere in Georgia and has more than $3 billion in assets, according to the press release.

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