November 6, 2025

Southern Financial Corporation and Southern Bank entered into a definitive agreement to sell their Georgia branches to Palmetto Citizens Federal Credit Union (“Palmetto Citizens”). Palmetto Citizens will acquire the physical locations in Richmond and Burke counties. A little more than $100 million in deposits and loan accounts associated with Southern Bank’s four branches located in Georgia will be transferred upon consummation of the transaction. Southern Bank will continue to operate as an independent community bank. The transaction is expected to close in the first half of 2026, subject to customary