SouthPoint Bancshares, Inc. (“SouthPoint”), the parent company of SouthPoint Bank, has completed its merger with Merchants Financial Services, Inc. (“Merchants”), parent of Merchants Bank of Alabama, with SouthPoint being the surviving entity.
Merchants Bank of Alabama has also merged with SouthPoint Bank and will continue to operate under its current name as a division of SouthPoint Bank.
Based on most recently available financial data, the combined organization will now have greater than $1.0 billion in total assets, $0.9 billion in deposits, and 10 branches. The partnership extends the SouthPoint banking franchise from metro Birmingham up the I-65 corridor to include locations in Cullman, Hanceville, and Arab.
