Oconee Financial Corporation (OTCQX: “OSBK”) has announced the successful completion of its acquisition of Elberton Federal Savings & Loan Association. The transaction, which took effect on July 31, 2023, involved the conversion of Elberton Federal from a mutual savings association to a stock savings association. Following the conversion, Elberton Federal merged with Oconee’s wholly owned subsidiary, Oconee State Bank.
As a result of the merger, Elberton Federal’s financial center on East Church Street in Elberton will now operate as a branch of Oconee State Bank, starting from August 1, 2023.
In order to comply with regulatory requirements, Oconee conducted a stock offering in which 149,015 shares of common stock were sold at a discounted price of $28.94 per share. The offering was made available to depositors and borrowers of Elberton Federal, as well as to stockholders of Oconee and the general public. The total gross proceeds from the offering amounted to approximately $4.3 million, and it was oversubscribed.
Oconee President and CEO Neil Stevens expressed his excitement about the interest shown by investors in the offering. He emphasized the commitment to providing a high level of service to both existing and new customers in Elbert County.
Daniel Graves, the President and CEO of Elberton Federal, will now serve as Senior Vice President and Community President of the Northeast Georgia market for Oconee State Bank. Graves expressed his enthusiasm about joining Oconee and the shared cultural values between the two institutions.
Performance Trust Capital Partners assisted Oconee in selling its common stock, while RP Financial LC provided the conversion appraisal. Legal counsel was provided by Alston & Bird LLP for Oconee, Fenimore Kay Harrison LLP for Elberton Federal, and Luse Gorman PC for Performance Trust Capital Partners.
Oconee State Bank, established in 1960, operates six full-service financial centers in Georgia. With the completion of this acquisition, the bank now has approximately $556 million in assets. Oconee State Bank is committed to providing personalized service, innovative products, and local decision-making to its communities. Oconee Financial Corporation was established in 1999 as the holding company for Oconee State Bank. More information about the bank and its offerings can be found on its website at www.oconeestatebank.com.