Olsen Palmer is pleased to announce that Brighton Bancorp, Inc., parent company of Brighton Bank (collectively, “Brighton”), has entered into a stock purchase agreement whereby a controlling interest in Brighton Bancorp, Inc. will be sold to the Winston-Salem, North Carolina-based organizers of the formerly proposed Community Bank of the Carolinas.
Olsen Palmer LLC advised Brighton Bancorp, Inc.
The all-cash transaction will be financed from capital raised through a private stock offering by the group’s acquisition entity, AGBGWS, Inc. The group also plans to inject additional capital into the bank to support its future growth, including into the Winston-Salem market.
Upon receiving regulatory approval, the bank intends to convert a loan-production office at 312 Jonestown Road in Winston Salem, NC into a full-service branch with the Community Bank brand.
Brighton Bank, founded in 1910, has approximately $42 million in assets, deposits of $37 million and loans of $25 million. Brighton Bank President and CEO John Phillips will remain with the combined bank and become market president of Tipton County. The combined bank will continue doing business under the Brighton name.
The proposed board of directors will be comprised of many of the directors selected for the proposed Community Bank of the Carolinas. Three members of Brighton’s board will be added as bank directors.
If you would like additional information or have any questions on this transaction or on M&A, valuation, or strategic options, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.