SouthPoint Bancshares, Inc. Completes Strategic Merger with Merchants Financial Services, Inc.

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.

About SouthPoint Bancshares, Inc.

SouthPoint Bancshares, Inc. is the parent company of SouthPoint Bank. SouthPoint Bank was founded in 2005 in Birmingham, Alabama to create a local community bank dedicated to superior customer service for its customers. The bank has five legacy bank branches in Birmingham, Vestavia (Liberty Park), Gardendale, Trussville and Wilsonville in addition to Merchant’s branches in Northern Alabama.

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