First US Bancshares, the holding company of the First US Bank, has completed the acquisition of The Peoples Bank, a community bank headquartered in Virginia.
The acquisition was announced in April this year. As per the deal, First US Bancshares acquire all outstanding capital stock of The Peoples Bank.
The financial terms of the acquisition were not disclosed. The banks have received all regulatory approvals last month.
The acquisition creates a combined entity with $800m in assets.
With the acquisition now completed, all Peoples Bank operations, along with its all branches, have merged into the First US Bank.
It has four operating branches, two each in the US states of Virginia and Tennessee.
First US Bancshares president and CEO James House said: “We are excited to welcome the customers and employees of Peoples to First US Bank.
“The addition of Peoples represents an important milestone in the growth and diversification of our Bank. We look forward to working with the Peoples team to continue to build strong relationships with our customers and provide them with excellent service.”
The Peoples Bank chairman and CEO Tracy Thompson said: “This transaction is the culmination of the hard work of numerous individuals to pursue our shared goal of serving the needs of our customers, employees and communities.
“We are pleased to become a part of First US Bank and look forward to the future of this growing banking enterprise.”
Besides First US Bank, First US Bancshares operations include a consumer loan company Acceptance Loan Company as well as FUSB Reinsurance, an underwriter of credit life and credit accident and health insurance policies.
The company has banking offices in the states of Alabama, Tennessee and Virginia.