Community First Credit Union to Acquire Substantially All Assets of First Southern Bank

Rhea-AI Summary

Community First Credit Union (OTCPK:FSBH) agreed to acquire substantially all assets and assume substantially all liabilities of First Southern Bank, per a definitive agreement announced Nov 18, 2025.

After close, the combined credit union will have ~$3.3B assets, $2.5B loans, $2.9B member shares and deposits, and 31 branches across Georgia and Florida. FSBH shareholders will receive ~$17.14 cash per share; FSBH will liquidate and dissolve post-closing. The transaction is expected in Q2–Q3 2026, subject to regulatory and shareholder approvals and customary closing conditions.

Positive

• $3.3B combined assets after closing
• $2.9B member shares and deposits combined
• Expands footprint to 31 branches in GA and FL
• $17.14 cash per FSBH share to shareholders
• Broadened commercial and small business offerings

Negative

• Closing subject to regulatory approvals and shareholder vote
• Transaction timeline spans Q2–Q3 2026, creating near-term uncertainty
• FSBH will liquidate and dissolve after the deal

JACKSONVILLE, Fla. and BRADENTON, Fla., Nov. 18, 2025 /PRNewswire/ -- Community First Credit Union of Florida ("Community First") and FSBH Corp. ("FSBH") today announced a definitive agreement under which Community First will acquire substantially all of the assets and assume substantially all of the liabilities of First Southern Bank, headquartered in Waycross, Georgia. FSBH Corp. (OTCPK: FSBH) is the holding company for First Southern Bank.

The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, FSBH will liquidate and dissolve and distribute its remaining assets to its stockholders. When the acquisition is completed, Community First will have approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and will have 31 branches throughout Georgia and Florida. In connection with the transaction, the shareholders of FSBH will receive approximately $17.14 in cash for each share of FSBH common stock.

The acquisition broadens Community First's commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking. As members of Community First, First Southern Bank customers will enjoy full access to the complete range of products and services offered by Community First for both consumers and businesses.

Sam Inman, President and CEO of Community First, said "While we love the growth opportunities that come with the transaction, this acquisition is founded on a unified vision between Community First and First Southern Bank. Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence."

Inman continued, "This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons."

Daniel S. Hager, Chairman and CEO of FSBH and First Southern Bank stated, "We are excited about the opportunity to unite these two like-minded organizations. First Southern Bank customers will continue to see their trusted familiar banker at each location. The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion." Mr. Hager emphasized that by joining forces with Community First Credit Union, "We clearly see the benefits for our customers, and look forward to joining the Community First team.

The transaction is anticipated to be completed in the second or third quarter of 2026, subject to receiving all required regulatory approvals, approval by the shareholders of FSBH, and other customary closing conditions.

Community First was advised in the transaction by Olden Lane Inc. as exclusive financial advisor and Honigman, LLC as legal counsel. FSBH Corp. was advised by Janney Montgomery Scott LLC as exclusive financial advisor and Alston & Bird, LLP as legal counsel.

About Community First Credit Union
Celebrating 90 years of service in 2025, Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the largest credit unions in Florida with $2.9 billion in assets and serving 187,000 members. Community First has 24 locations and more than 450 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses. For more, visit www.communityfirstfl.org. For media inquiries, please contact Maria Coppola at 904-312-3321.

About First Southern Bank
First Southern Bank has been a leading financial services provider for consumers and small businesses since 1907 and offers a full range of banking and lending products. Headquartered in Waycross, Georgia, the bank has seven branch locations. Hours vary per location and can be found on the website: www.fsb-bank.bank. Branch locations offer checking, savings, commercial, consumer and residential loans, ATM's, online banking, cash management services, 24/7 telephone banking and a mobile app for banking on the go. First Southern Bank is a member FDIC, Equal Housing Lender and Equal Opportunity Employer. For more information, please call 941-554-7080.

Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected benefits and timing of the proposed acquisition between Community First Credit Union and First Southern Bank and plans of the combined organization. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including the receipt and timing of regulatory, integration outcomes, realization of synergies, and potential disruption to relationships with customers, employees, and suppliers. Forward-looking statements speak only as of the date of this release. Neither Community First Credit Union nor First Southern Bank undertakes any obligation to update them except as required by law.

View original content:https://www.prnewswire.com/news-releases/community-first-credit-union-to-acquire-substantially-all-assets-of-first-southern-bank-302618407.html

SOURCE First Southern Bank

FAQ

What will FSBH shareholders receive from the Community First acquisition of FSBH (OTCPK:FSBH)?

Shareholders will receive approximately $17.14 in cash per share and FSBH will liquidate and dissolve after closing.

When is the Community First acquisition of First Southern Bank expected to close?

The transaction is anticipated to close in Q2–Q3 2026, subject to regulatory approvals and shareholder consent.

How large will Community First be after acquiring First Southern Bank (symbol FSBH)?

Post-closing Community First will have about $3.3 billion in assets, $2.5 billion in loans, and $2.9 billion in deposits.

How will the acquisition affect branch coverage for Community First and First Southern Bank customers?

The combined institution will operate 31 branches across Georgia and Florida and customers will gain access to Community First products and services.

What approvals are required for Community First’s acquisition of First Southern Bank (FSBH)?

The deal requires all required regulatory approvals, approval by FSBH shareholders, and other customary closing conditions.