The Bank Slate


Investor group plans to buy Southern Bankshares in Ga.

An investor group has agreed to buy Southern Bankshares in Claxton, Ga.

The group planning to buy the $160 million-asset company is led by individuals from Jacksonville, Fla. A press release gave no more information on the group.

The transaction is expected to close in the fourth quarter. The price wasn’t disclosed.

Philip Williams, the company’s president and CEO, will remain in a senior leadership role.

“What an exciting time for our team and stakeholders,” Williams said in a press release. The sale “points to a bright future and supports our commitment to customers, team members and the greater community in Claxton and coastal Georgia.”

The Burke Group and Fenimore Kay Harrison advised Southern. Smith Mackinnon advised the investor group, while Oliver Maner advised the selling shareholder.

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