The Bank Slate


Oconee in Ga. raises $4M tied to Elberton Federal deal

Oconee Financial in Watkinsville, Ga., raised about $4.3 million tied to its acquisition of Elberton Federal Savings & Loan in Elberton, Ga.

The $588 million-asset Oconee said in a press release that it sold roughly 149,000 shares of common stock at $28.94 each to Elberton Federal depositors and borrowers.

The stock offering was oversubscribed.

“We are thrilled by the overwhelming interest we received from investors in the offering,” Neil Stevens, Oconee’s president and CEO, said in the release. “The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers.”

Oconee, which agreed in June 2021 to buy Elberton Federal for $tk million, completed the purchase on July 31.

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