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Announced

Completed

CoastalSouth Bancshares completed the acquisition of Cornerstone Bancshares.

Financials

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Transaction Value-
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Private

Acquisition

United States

banking services

Banks

Domestic

Majority

Friendly

Single Bidder

Completed

Synopsis

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CoastalSouth Bancshares, a bank holding company, completed the acquisition of Cornerstone Bancshares, a provider of banking services. Financial terms were not disclosed. "This acquisition will significantly enhance our presence in metro Atlanta, one of our primary growth markets. Financially, this is a very compelling transaction for both sets of shareholders. Steven Deaton and the team he has put together at Cornerstone have done a very good job of addressing legacy credit issues and, through the use of a contingent consideration mechanism in the merger agreement, we believe we have addressed the remaining credit issues in a conservative manner," Steve Stone, CoastalSouth President and CEO.

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