Charter Financial Corporation announced the completion of its merger with Smyrna, Georgia-based CBS Financial Corporation effective April 15, 2016, pursuant to the previously announced definitive Agreement and Plan of Merger between Charter Financial Corporation and CBS, dated as of December 3, 2015. Additionally, Community Bank of the South, a wholly-owned subsidiary of CBS which operated four branches in the Atlanta metropolitan area, has merged with and into CharterBank, a wholly-owned subsidiary of the Company. The combined Company has approximately $1.4 billion of total assets with 19 banking offices in west-central Georgia, east-central Alabama, and the Florida Gulf Coast.

Robert L. Johnson, Chief Executive Officer and Chairman of the Company and CharterBank said, “With the Merger now complete, we are very pleased with our expanded presence in the North Atlanta market. We now have over $500 million of deposits and operate eight branches in the Atlanta metropolitan area, with an additional banking location set to open in Buckhead in the coming months.”

Under the terms of the Merger Agreement, the Company acquired all of the outstanding shares of CBS common stock for $20.50 per share, with a total transaction value of approximately $58.8 million. Excluding one-time merger-related costs, the transaction is expected to be immediately accretive to the Company's earnings per common and diluted share. A more complete description of the Merger consideration is contained in our form 8-K, to be filed April 18, 2016 (the “8-K”), and in the Merger Agreement, incorporated by reference into Exhibit 2.1 to the 8-K from that certain Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 8, 2016.

Based on financial results as of December 31, 2015, the combined Company has total assets of approximately $1.4 billion, deposits of approximately $1.1 billion and loans of approximately $994.5 million.

Even though the Merger is complete, full conversion and integration of Community Bank of the South into CharterBank is not expected to be finished until July 2016. At this time, CBS clients should continue to conduct their banking business as usual, including but not limited to, using existing branches, debit cards, checks, ATMs and making loan payments until conversion is complete. The Company will notify all CBS clients of new procedures to follow as the conversion progresses.

“We are excited to officially be in business with Sylvia Hamby, our new Cobb County President, and her entire team,” Mr. Johnson said. “We are looking forward to working together to complete the bank merger and conversion and ultimately providing the best banking experience for our customers in the Smyrna and Marietta communities.”