CoastalSouth Bancshares, Inc. entered into a definitive agreement to acquire Cornerstone Bancshares.
April 22, 2021
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CoastalSouth Bancshares, Inc. (OTCPK:COSO) entered into a definitive agreement to acquire Cornerstone Bancshares on April 22, 2021. Post completion, Cornerstone Bank will become part of Coastal States Bank. The transaction has been unanimously approved by the board of directors of each company and is expected to close in the third quarter of 2021. The acquisition is expected to be accretive to the company’s tangible book value at transaction close and is expected to generate approximately 15% EPS accretion in 2022. Piper Sandler & Co. served as the financial advisor to CoastalSouth, and Troutman Pepper served as its legal advisor. The Burke Group served as Cornerstone's financial advisor and Mark Kanaly, David Park, Lizzie Dunn, Nathan Tyre, Meredith Gage, Heather Ripley, Will Hooper, Blake MacKay, Scott Harty, Kerry Wenzel and Cliff Stanford of Alston & Bird LLP served as its legal advisors.
CoastalSouth Bancshares, Inc. is a bank holding company. The Companyâs subsidiary is Coastal States Bank (CSB). CSB operates retail banking branches in Beaufort County, South Carolina, Chatham County, Georgia, Dawson County, Georgia, Fulton, County, Georgia and Forsyth County, Georgia. CSB has a community bank presence in the Lowcountry of South Carolina (Hilton Head Island and Bluffton), Savannah, and Atlanta. It provides a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. Its services include digital banking, debit cards, e-statements and notices, loan payments and telephone banking. CSBâs wholly owned subsidiary, Coastal States Mortgage, Inc. (CSM), a mortgage company focused on originating and selling residential mortgages to investors. CSB also serves communities across the country through its government guaranteed lending, senior housing, mortgage banker finance, and marine lending lines of business.
COASTALSOUTH BANCSHARES, INC. 
