FRANKLIN, N.C., Oct. 02, 2017 (GLOBE NEWSWIRE) -- Entegra Financial Corp. (NASDAQ:ENFC), the holding company for Entegra Bank, today announced the completion of its acquisition of Chattahoochee Bank of Georgia located in Gainesville, Georgia, effective the morning of October 1, 2017. Pursuant to the Agreement and Plan of Merger and Reorganization dated June 26, 2017, Chattahoochee merged with and into Entegra Bank. Chattahoochee will continue to operate as Chattahoochee Bank of Georgia until a system conversion is completed in March 2018.
Roger D. Plemens, President and CEO of Entegra and Entegra Bank commented, “We are excited to continue executing our strategy of building long-term franchise value by expanding into contiguous, high growth markets like Gainesville. We welcome Chattahoochee’s customers and are committed to continuing the high level of service they have received since 2008.”
Shareholders of Chattahoochee will receive a combination of cash and stock having a value of $14.75 in exchange for each share of Chattahoochee’s common stock held immediately prior to the effective time of the merger. The aggregate merger consideration paid by Entegra is approximately $34.9 million, which includes the cash-out of in-the-money stock options and warrants. Entegra expects to issue approximately 395,000 shares of its common stock in connection with the merger.
Effective upon the consummation of the merger, Jody Lail, Greg Barrett and Stephen Starke became Senior Vice Presidents of Entegra Bank. Roger D. Plemens stated, “We are thrilled to add Jody, Greg and Stephen to our team. They will bring stability for the Chattahoochee customers during the transition and will continue to have influence and decision-making authority in the community.”
About Entegra Financial Corp. and Entegra Bank
Entegra Financial Corp., with total assets of $1.4 billion at June 30, 2017, is headquartered in Franklin, North Carolina and is the holding company of Entegra Bank. Entegra’s shares trade on the NASDAQ Global Market under the symbol “ENFC”.
Entegra Bank now operates a total of 18 branches located throughout the Western North Carolina counties of Cherokee, Haywood, Henderson, Jackson, Macon, Polk and Transylvania, the Upstate South Carolina counties of Anderson, Greenville, and Spartanburg and the Northern Georgia counties of Pickens and Hall. The Bank also operates loan production offices in Asheville, North Carolina, Clemson, South Carolina, and Duluth, Georgia. For further information, visit Entegra’s website www.entegrabank.com.