July 25, 2019
FOR IMMEDIATE RELEASE
For more information contact:
Hue Townsend, Guaranty Bank President & CEO
(662) 247-5119 or email@example.com
BELZONI, MS: Guaranty Capital Corporation, the holding company for Guaranty Bank & Trust Company, announced today that it has entered into a definitive agreement to acquire First Alliance Bancshares, Inc. and its banking subsidiary, First Alliance Bank, in an all-cash transaction.
Founded in 1999, First Alliance Bank is a full-service bank with four locations strategically located across the greater Memphis area with total assets of more than $140 million. With this transaction, Guaranty Bank will establish a branch presence in the Tennessee banking market and will have total assets of approximately $1 billion and 21 branches across Mississippi and Tennessee.
Hue Townsend, President and CEO of Guaranty Bank, commented, “We are extremely pleased to partner with First Alliance Bank especially as they share our focus on running a high-quality, low-risk institution with a strong commitment to both the community and to our customers. This transaction will also strengthen our presence in greater Memphis, a market we view as strategically important.”
Hunt Campbell, President and CEO of First Alliance Bank, added, “We are excited about joining the Guaranty Bank family as their banking culture is very similar to our own. This combination is an attractive fit for our bank providing greater funding capacity for our customers, expanded geographic diversification, and the opportunity to build on the success of Guaranty Bank. The combined strength of the banks will enhance our proven ability to spawn and support entrepreneurialism in our community while strengthening the benefits to our customers and employees.”
The transaction, which has been approved by the Board of Directors of both companies but remains subject to customary shareholder and regulatory approvals, is expected to close in the fourth quarter of 2019.
Guaranty Bank was advised in the transaction by The Bank Advisory Group, L.L.C. and the law firm of Hunton Andrews Kurth LLP. Olsen Palmer LLC served as First Alliance’s financial advisor while the firm of Daniel W. Small & Company served as First Alliance’s legal advisor.
About Guaranty Bank & Trust Company
Guaranty Bank’s mission is to set the standard in our communities for excellence in financial service products and their delivery, to strengthen the communities we serve, and to help improve the quality of life in those areas while realizing the greatest benefit for our shareholders, employees, and customers. Guaranty Bank was named “Best Place to Work” in 2018 and 2019 by the Mississippi Business Journal. Locally owned and operated since 1943, Guaranty Bank delivers top-notch services and products to Mississippi and the surrounding areas.
About First Alliance Bank
Founded in 1999, First Alliance Bank, a wholly owned subsidiary of First Alliance Bancshares, Inc., is a locally-owned community bank that provides a premier level of banking services to the greater Memphis community through 4 full-service locations including in Uptown, Clark Tower, Cordova, and Oakland. First Alliance was named “Best Bank” by The Commercial Appeal’s “Memphis Most” in 2019, the third year in a row, and was listed among The Commercial Appeal’s Top Workplaces in 2016 and 2017 as well as Memphis Business Journal’s Best Places to work in 2016, 2017, and 2018.