As Now Habersham reported first back on June 2, CertusBank, with branches in Cornelia and Homer, made a deal in which Community and Southern Bank (CSB) would acquire many of the CertusBank assets in Georgia. The acquisition included the local banks.
We’ve now learned CSB plans to close the Certusbank branch on Highway 441 in Homer in September.
According to Lawanna Saxon of CSB, “While the decision was made not to retain the Homer branch in connection with the acquisition transaction, we are currently evaluating other opportunities that will allow us to better serve the Commerce and Homer markets.”
Saxon, CSB’s Director of Marketing, tells Now Habersham that they’ll keep operating the Homer site until September 8. “Customers can continue to access their CertusBank accounts through their online banking service or by calling CertusBank Customer Care Center at (888) 237-8871,” she says.
As for what will happen in Cornelia, CSB already has one branch downtown and many question what the deal will mean for their newly acquired Certusbank branch here. Saxon says, “We are also excited to expand our customer base in Cornelia and continue our pledge to support the Cornelia community.”
When pressed on what would happen to the CertusBank branch building on Level Grove Road, “We will remain in the Cornelia market,” was her response.
This is not the first sale for the Cornelia location. It was First Georgia Bank until the FDIC shut it down and transferred its assets to CertusBank in 2011.
The CSB deal is part of a much larger plan which will wipe CertusBank off the financial map.
- Community & Southern Bank in Atlanta will acquire the majority of CertusBank’s Georgia deposits and all of its Florida deposits, certain loans and branches.
- Morris Bank in Dublin, Georgia, will acquire certain deposits, loans and a branch from CertusBank’s Warner Robins, Georgia, location.
- Queensborough National Bank & Trust Company in Louisville, Georgia, will acquire certain deposits, loans and branches from CertusBank’s Savannah and Rincon, Georgia, locations.
- Bank of North Carolina in High Point, a commercial bank with $4.17 billion in assets, will acquire certain deposits, loans and branches from CertusBank’s South Carolina locations.
CertusBank began falling apart a year ago when American Banker Magazine reported about Certus’ CEO and other executives’ free-spending ways while the company’s financials faltered. The board of directors cleared house and appointed a new CEO but the bank’s fortunes never rebounded.
