CB&S Bank merges with PrimeSouth Bank
April 23 CB&S Bank and PrimeSouth Bank announced they will be merging companies and operating under the CB&S Bank brand.
CB&S Bank is headquartered in Russellville, while PrimeSouth Bank is headquartered in Tallassee near Montgomery.
This merger will create the largest privately-held bank in Alabama and the fourth-largest Alabama-based financial institution – something CB&S Bank President and CEO Mike Ross is excited about.
“This combination also allows CB&S Bank to further expand in the Birmingham market, one of the key growth markets in Alabama,” said Ross. “We have wanted to expand in central Alabama for some time, so it was the perfect fit to partner with a high-quality community bank like PrimeSouth.”
Ross is from the Montgomery area and also lived and worked in Birmingham before accepting the position at CB&S Bank almost two years ago. He said when he got wind PrimeSouth Bank was thinking about selling, he expressed his interest and began talks with PrimeSouth President and CEO Dave Baggett about a year ago.
Ross said it wasn’t until a couple of months ago that all of the pieces started to fall into place, and they were able to come up with a deal.
“We are excited to combine with such a strong bank as CB&S Bank,” Baggett said.
After the announcement, Ross and the Batchelors went to PrimeSouth and introduced themselves to the team there. Baggett later called that friendly gesture a testament to the company and the shared culture they have.
“We are pleased our companies possess a similar culture and commitment to our customers and the communities we serve. This is a win-win for both companies’ shareholders, customers and employees,” said Baggett.
Ross said CB&S Bank has three primary focuses: customer service, serving the community and maintaining a family-oriented culture within the company.
Once the merger is complete, the bank will have more than 50 locations in Alabama, Mississippi and Tennessee and have total assets in excess of $1.9 billion. Ross said it is CB&S’ hope to continue growing over the years by cultivating relationships with smaller banks and presenting themselves as choice buyers, should that need ever arise.
“I attribute this growth to Cecil (Batchelor). He’s an inspiration to all of us every day, and we’re appreciative of his support,” said Ross.
This merger will have no effects on CB&S Bank’s current customers, since the companies have no overlapping operations, Ross said.
