McColl Partners, LLC ("McColl Partners") acted as financial advisor to Citizens South Banking Corporation (the "Company") in Citizens South Bank's ("Citizens South" or the "Bank") acquisition of substantially all of the assets and operations of New Horizons Bank from FDIC receivership on April 15, 2011.
Under Citizens South's agreement with the FDIC, Citizens South assumed approximately $107.6 million in assets and $106.0 million in liabilities, including $101.9 million in current deposits from New Horizons Bank, which is located in East Ellijay, Georgia. The assets include an approximate $76.1 million loan portfolio which will be subject to a loss-sharing arrangement with the FDIC. Under the arrangement, the FDIC will cover substantially all acquired loans.
About Citizens South
Citizens South was founded in 1904 and is headquartered in Gastonia, NC. As of March 31, 2011, the Company had $1.0 billion in assets with 21 full-service offices in the Charlotte and north Georgia regions. The Bank is a wholly-owned subsidiary of Citizens South Banking Corporation, and shares of the Company's common stock trade on the NASDAQ Global Market under the ticker symbol CSBC. The Company maintains a website at www.citizenssouth.com that includes information on the Company, along with a list of products and services, branch locations, current financial information, and links to the Company's filings with the SEC.
About McColl Partners, LLC
McColl Partners is an independent investment banking firm specializing in the needs of management and owners of middle-market companies. With significant experience working with entrepreneurs, family-owned businesses, private equity groups, public companies, financial institutions, and divisions of large companies, the firm is dedicated to offering strategic advice and assistance to its clients regarding mergers and acquisitions and private capital raising assignments.
For more information about this transaction or our Financial Institutions Group, please contact Charlie Welch or Phil Colaco at 704-333-0525. Additional information about McColl Partners can be found at www.mccollpartners.com.
