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 closing conditions and regulatory approvals.
The South Augusta branch is on Highway 88 in Hephzibah. The Burke County branches are in Waynesboro and Sardis, Georgia, with another one in Gibson, Georgia.
“As Southern Bank has evolved into a commercially focused community bank over the past couple of years, we began assessing our options related to portions of our enterprise that did not entirely fit the new business plan. Once identified, we set out to find the best possible overall result for our shareholders, team members, customers, and communities related to that portion of our business. The sale of our Georgia branches to Palmetto Citizens will provide additional capital for the continued growth of the bank for shareholders and a strong consumer and community-focused partner for our team members, customers, and communities,” said Jamin Hujik, Executive Vice Chairman of Southern Bank.
“For nearly 90 years, Palmetto Citizens has stood for trust, stability, and care for our members and the communities we serve,” said Robert Dozier, President & CEO of Palmetto Citizens. “This agreement represents an exciting opportunity to build on that legacy by thoughtfully expanding our service beyond South Carolina and into Georgia. We look forward to welcoming these new members into the Palmetto Citizens family and providing them with the same personal, community-focused service and value that have long defined who we are.”
Until the transaction closes, it will be business as usual for customers of both financial institutions. Upon the transaction’s closing, Southern Bank’s Georgia branch customers will become members of Palmetto Citizens.
