Palmetto Citizens Federal Credit Union in Columbia, S.C., has agreed to buy four Georgia branches from Southern Financial in Waynesboro, Ga.
The $1.4 billion-asset Palmetto Citizens will also obtain $83 million in deposits and $20 million in loans. The deal is expected to close in the first half of next year.
Southern Financial estimated that the transaction should be accretive to its tangible book value per share in a range of 75 cents to $1.