Investar Bank has completed the previously announced acquisition of Alabama-based Cheaha Bank, nearly a year after the transaction was first set to close.
The $41.1 million deal closed Thursday. The move expands Investar’s footprint into 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 chief executive officer of Investar. The Baton Rouge-based bank moved into the state in 2019 when it purchased another small Alabama institution, the Bank of York. It now has six branches and a loan production office in the state.
The parent company of Investar Bank signed a new deal to acquire Alabama-based Cheaha Financial Group for $41.1 million after a previous agree…
Investar first announced plans to buy Cheaha in December 2019 and said the transaction would close in the second quarter of 2020. But that deal fell apart because of unpredictable financial conditions caused by the COVID-19 pandemic.
The parent company of Investar Bank said it will not go ahead with the purchase of Alabama-based Cheaha Financial Group because of the unpredi…
In January, Investar announced a new deal had been reached and the transaction would close in the spring.
Cheaha Bank has about $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.