SouthPoint Bancshares Closes Merger with Merchants Financial Services in Cash and Stock Transaction.
MANews-(C)2009-2022
Alabama, US-based SouthPoint Bancshares, Inc., the parent company of SouthPoint Bank, and Alabama-based Merchants Financial Services, Inc., parent of Merchants Bank of Alabama, have have closed a merger announced last August, the firms said.
With the merger, SouthPoint will extend its banking franchise from metro Birmingham up the I-65 corridor to include locations in Cullman, Hanceville, and Arab. Based on June 30, 2021 financials, the combined organisation will have approximately USD 1.0bn in assets, USD 895m in deposits, and 10 branches.
Merchants Bank of Alabama will continue to operate under its current name as a division of SouthPoint Bank after completion...
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