SRP Federal Credit Union, of North Augusta, SC, has reached an agreement to acquire Southern Bank of Sardis, Ga.
SRP FCU has $851 million in assets, according to its most recent call report. Southern Bank is a privately held bank with $80 million in assets and five branches. The combined entity would have $950 million in assets and more than 20 offices in Georgia and South Carolina.
This is the eighteenth announced or completed merger between a bank and a credit union, since 2012.