US-based bank holding company ST Hldgs has acquired Rochelle State Bank to bring capital, management, and technology investments to southern Georgia.
The financial details of the transaction have not been made public.
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Rochelle State Bank will continue to offer its checking accounts, savings accounts, and agriculture loans services along with upgrades to the online banking portal.
It plans to use the funding to enhance its product portfolio and upgrade its platform.
The full-service, state-chartered lender, which was founded in 1947, also plans to launch a new mobile banking option too.
ST Hldgs stated that president and CEO Len Davenport and executive vice president Bryan Wilder round out the Rochelle State Bank’s new leadership team.
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By GlobalDataRochelle State Bank and ST Hldgs chairman Rajib Das said: “ST Hldgs and Rochelle State Bank remain committed to Wilcox County and southern Georgia. As part of this acquisition, we have invested additional capital to bolster the bank’s capital base and are adding seasoned bank management to the leadership team to support our growth objectives.”
Davenport said: “The additional capital further strengthens Rochelle State Bank’s balance sheet, allowing for more and larger opportunities to serve customers and the community. We take tremendous pride in being a community bank and are making significant investments in technology and local talent to further enhance our customer experience.”
Recently, BancorpSouth Bank and Cadence Bank agreed to divest seven branches in northeastern Mississippi to The First, a national banking association, to address antitrust issues linked to their merger.
