Bancshares of Ripley, Inc. (“BRI”), the parent company of Bank of Ripley (“Bank of Ripley” and collectively with BRI, “Ripley”), and Security Bancshares, Inc. (“SBI”), the parent company of Security Bank and Trust Company (“Security Bank” and collectively with SBI, “Security”), announced the signing of a definitive agreement providing for the merger of SBI and BRI, with SBI to be the surviving entity, and the merger of Security Bank and Bank of Ripley, with Security Bank to be the surviving entity.
Olsen Palmer LLC served as financial advisor to Bancshares of Ripley, Inc. in connection with this transaction.
Upon completion of the transaction, security will maintain the Ripley name and branding for a period of time and Craig Fitzhugh, Ripley Chairman and CEO, will join the Security team as a member of its Board of Directors.
The definitive agreement has been unanimously approved by the respective Boards of Directors of Security and Ripley. The transaction, which is subject to customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of Ripley, is expected to close in the fourth quarter of 2024.