Two Alabama-based banks join forces.
SouthPoint Bank and Merchants Bank of Alabama today announced a merger agreement.
The deal creates a banking franchise stretching from the Birmingham metropolitan area to the Interstate 65 corridor, with approximately $ 1 billion in assets, $ 895 million in deposits and 10 branches. Merchants Bank of Alabama will continue to operate under its current name as a division of SouthPoint Bank after the merger is completed.
Merchants President, CEO and Principal Lender Charles R. NeSmith will become North Alabama President for SouthPoint. W. Clark Rainwater will become the CFO of the combined organization. The merger is expected to be finalized at the start of the first quarter of 2022.
SouthPoint Bank was founded in 2005 in Birmingham and has five bank branches in Birmingham, Liberty Park, Gardendale, Trussville and Wilsonville. Merchants Bank of Alabama was founded in 1907 in Cullman and operates five full service banking centers in Cullman, Hanceville and Arab.
SouthPoint CEO J. Stephen Smith said the two banks “look forward to a bright future together.” Merchants President Steven R. Glasscock anticipates the “continued community banking benefits that the combined organizations will bring to our customers, employees, shareholders and communities.”