Daily News: September 5, 2017

Charter Financial Completes Merger with Resurgens Bancorp


Charter Financial completed its merger with Tucker, GA-based Resurgens Bancorp.

Resurgens Bank, which operated two branches in the Atlanta metropolitan area, has merged with and into CharterBank, a wholly-owned subsidiary of Charter Financial.

The combined company had, on a pro forma basis as of June 30, 2017, approximately $1.6 billion of total assets, approximately $1.3 billion of deposits and approximately $1.2 billion of loans, with 22 banking offices in Metro Atlanta, the I-85 corridor south to Auburn, Alabama and the Florida Gulf Coast.

Robert L. Johnson, chairman and CEO of the company and CharterBank, said, “With the merger now complete, we are very pleased with our expanded presence in the Metro Atlanta market. We now have over $668.7 million of loans and $711.8 million of deposits, and operate 11 branches in the Atlanta metropolitan area.”

Systems conversions and operational integration of Resurgens Bank into CharterBank is expected to be finished in February 2018. Charles M. DeWitt III, who previously served as founding CEO of Resurgens, will serve as Charter’s president of the North Atlanta market. In addition to managing his team in DeKalb County, DeWitt will also manage the four Cobb County branches brought over in the acquisition of CBS Financial.

“We are thrilled to have Charles join our management team,” Johnson said. “Charles has done excellent work at Resurgens as CEO, and we expect his strong leadership across this wider market area.”

Charter Financial is a savings and loan holding company and the parent company of CharterBank, a full-service community bank and a federal savings institution. CharterBank is headquartered in West Point, GA, and operates branches in Metro Atlanta, the I-85 corridor south to Auburn, Alabama and the Florida Gulf Coast.