Investar Bank completed the previously announced acquisition of Alabama-based Cheaha Bank nearly a year after the transaction closed.
The $ 41.1 million deal was reached on Thursday. The move expands Investar’s footprint in northeast Alabama by giving it four branches in Calhoun County.
“We believe these branches will complement our recent entry into Alabama,” said John D’Angelo, President and CEO of Investar. The Baton Rouge-based bank moved to the state in 2019 when it bought another small Alabama institution, the Bank of York. It now has six branches and a loan production office in the state.
Investar Bank’s parent company has signed a new deal to acquire Alabama-based Cheaha Financial Group for $ 41.1 million after a previous deal …
Investar first announced its intention to buy Cheaha in December 2019 and said the transaction would close in the second quarter of 2020. But that deal fell through due to unpredictable financial conditions caused by the COVID-19 pandemic.
The parent company of Investar Bank has said it will not go ahead with the purchase of Alabama-based Cheaha Financial Group due to the unforeseen …
In January, Investar announced that a new deal had been struck and the deal would close in the spring.
Cheaha Bank has around $ 238 million in assets, $ 120 million in net loans and $ 206 million in total deposits. The move gives Investar nearly $ 2.6 billion in total assets and 35 branches in Louisiana, Texas and Alabama.