Southern Hills Community Bank of Leesburg and Ripley Federal Savings Bank of Ripley announced Thursday the signing of a merger agreement between the two institutions.
Each institution “is known for its strong commitment to customer service and community involvement, and a merger gives each institution the opportunity to operate together in a larger area with a presence in both Highland and Brown counties,” according to a press release announcing the merger.
“Customers will enjoy the convenience of combined products and services as well as more branch locations while maintaining the same hometown service that they are accustomed to. Our similar cultures will assist us in creating a strong, community-focused financial institution,” said Jeff Cloud, president and CEO of Southern Hills Community Bank.
“Ripley Federal Savings Bank is excited about joining with Southern Hills Community Bank. They share the same goal of excellent customer service as Ripley Federal, and we look forward to this mutual partnership,” said Bill Geschwind, chairman of the board of Ripley Federal.
Michael Mussinan, president and CEO of Ripley Federal, said, “Both banks share a long history of serving their communities and by coming together as one will allow us to continue to offer the same exceptional products and services that the customers of both banks have come to expect.”
Following the completion of the merger, the combined bank will operate under Southern Hills Community Bank’s name, with the main office located in Leesburg.
Branch locations will be located in Lynchburg, Greenfield, Ripley and Georgetown. The combined bank will have an approximate asset size of $150 million.