Southern Financial Corporation has reached a definitive agreement to sell its Georgia branches to Palmetto Citizens Federal Credit Union, enhancing both institutions' strategic focuses.

Information on the Target

Southern Financial Corporation, based in Spartanburg, South Carolina, is a registered bank holding company. It operates through its wholly-owned subsidiary, Southern Bank, which has been providing financial services since 1945. Southern Bank has established a presence with eight locations across Spartanburg, Greenville, Aiken, and Myrtle Beach in South Carolina, as well as additional markets in Georgia, including Sardis, Waynesboro, Hephzibah, and Gibson. With consolidated assets approximately valued at $360 million, Southern Financial Corporation's stock is publicly traded on The OTC Market under the symbol “SFCO.”

As part of a strategic shift towards a commercially focused community banking model, Southern Bank has opted to divest its Georgia branches. This move reflects a broader initiative to align its operations with its evolving business strategy, aiming to streamline resources and focus on core markets.

Industry Overview in the Target’s Specific Country

The banking sector in the United States has undergone significant changes in recent years, driven by advancements in technology, evolving customer preferences, and regulato