Charter Financial Corporation (NASDAQ:CHFN) (the "Company" or
"Charter") announced today its wholly-owned subsidiary, CharterBank
(the "Bank"), named its new leadership team throughout Metro
Atlanta following the acquisition of Resurgens Bancorp
("Resurgens") completed Friday, September 1, 2017, Charter's second
completed merger in the area in the last two years. The Resurgens
acquisition continues the Company's strategy of leveraging its
excess capital through acquisitions in attractive growth markets.
"Following the acquisition of Resurgens, we now
have $668.7 million of loans and $711.8 million of deposits in our
11 branches in the Atlanta metropolitan area," said Robert L.
Johnson, Chairman and Chief Executive Officer of the Company and
the Bank. "Additionally, we are now No. 9 among community banks in
Metro Atlanta in deposit market shares. Approximately 55% of our
loans and deposits are in the Atlanta MSA. We are well positioned
to continue to capitalize on our position as an Atlanta-centric
bank."
Charles M. DeWitt III, 50, former CEO of
Resurgens, will lead the Company's team in North Atlanta as North
Atlanta President. Bob Chapin, 55, leads the Norcross construction
and commercial real estate lending operation, and Marvin Cosgray,
67, leads as Private Banking President, based in Buckhead.
"We are pleased with the depth and experience of
our Metro Atlanta team," said Lee Washam, President of the Company
and the Bank. "Charles, Bob and Marvin are all leaders in their
fields. As we continue the transition to a metro bank, these
experienced professionals working as a team provide the leadership
we need to become a major player in our growth markets."
Mr. DeWitt has more than 28 years of experience
in the banking industry, including the last nine with Resurgens,
where he was the founding CEO. He has served in retail, commercial
lending, credit, capital markets and merger and acquisition
capacities during his time in banking. He has also served on the
Board of Trustees of the Northlake Community Alliance, and as a
board member of Intown Community School Foundation and Tucker
Northlake Community Improvement District, as well as involvement in
various other roles within the community. He will manage the two
former Resurgens branches in DeKalb County, as well as the
Company's four existing Cobb County branches.
Mr. Chapin has served 35 years in the banking
industry, including the last nine with the Company. Mr. Chapin is
President of the Norcross unit focusing on residential construction
and commercial real estate lending. In 2013, he was a recipient of
the Lewis Cenker Award, honoring an individual's lifetime
achievements in and contributions to the advancement of the housing
industry, by the Greater Atlanta Home Builders Association, the
first non-builder to receive the award. He is also a lifetime board
member of the association. He is a board member and past president
of the Norcross High School Foundation for Excellence, has been
Assistant Scoutmaster of Boy Scout Troop 525 for the last five
years, and is involved in numerous leadership roles at Mary Our
Queen Catholic Church.
Mr. Cosgray has served as President of Private
Banking since he and his team were brought on in October 2015,
working in a temporary location until the branch's opening this
year. Mr. Cosgray is based in CharterBank's new location in the
Gateway Center on Roswell Road. He has been a banking leader in
Buckhead for the last 20 years. He has 46 years of community
banking experience, including serving as President and CEO of
several banks that he helped organize. His vast experience includes
serving on the board of directors and loan, investment, marketing
and strategic planning committees, as well as overseeing daily
operations of several banks. His past banks have won such awards as
the Buckhead Business of the Year, Atlanta's Best Place to Work,
Catalyst Magazine Top Entrepreneur and NABOW Business of the Year.
He has been President of the Buckhead Business Association,
co-founder and director of the Alpharetta Business Alliance, served
two terms as Chairman of the North Fulton District of the Boy
Scouts of America, a board member of the Metro Atlanta Chamber of
Commerce, and a board member of the Buckhead coalition, among
numerous other civic roles.
"Charles brings new energy and excitement to our
Metro Atlanta leadership," Mr. Johnson said. "His banking
experience and familiarity with the market should allow for a
seamless transition for our new team members in DeKalb County, as
well as our existing Cobb County team. With Charles, Bob and
Marvin, we will continue to build our market share and brand in the
Atlanta area."
Mr. DeWitt's responsibilities in Cobb County
include branches formerly managed by Sylvia D. Hamby, who elected
to retire August 31. Mrs. Hamby served more than 42 years in
community banking and the last 16 months with Charter as Cobb
County President. She has been recognized the last two years as one
of the Atlanta area's Top 100 Leaders in Finance by the Atlanta
Business Chronicle.
"We want to thank Sylvia for her service to
CharterBank as well as her many years of service to the banking
community in the Atlanta area," Mr. Johnson said. "She will be
missed, but we share her excitement in her retirement and wish her
nothing but the best going forward."
About Charter Financial
Corporation
Charter Financial Corporation is a savings and
loan holding company and the parent company of CharterBank, a
full-service community bank and a federal savings institution.
CharterBank is headquartered in West Point, Georgia, and operates
branches in Metro Atlanta, the I-85 corridor south to Auburn,
Alabama, and the Florida Gulf Coast. CharterBank's deposits are
insured by the Federal Deposit Insurance Corporation. Investors may
obtain additional information about Charter Financial Corporation
and CharterBank on the internet at www.charterbk.com under About
Us.
Forward-Looking Statements
This release may contain “forward-looking
statements” within the meaning of the federal securities laws.
These statements may be identified by use of such words as
“believe,” “expect,” “anticipate,” “should,” “well-positioned,”
“planned,” “intend,” “strive,” “probably,” “focused on,”
“estimated,” “working on,” “continue to,” “seek,” "leverage,"
"building," and “potential.” Examples of forward-looking statements
include, but are not limited to, statements regarding future
growth, profitability, expense reduction, improvements in income
and margins, increasing stockholder value, and estimates with
respect to our financial condition and results of operation and
business that are subject to various factors that could cause
actual results to differ materially from these estimates. These
factors include but are not limited to the Company's inability to
implement its business strategy; general and local economic
conditions; changes in interest rates, deposit flows, demand for
mortgages and other loans, real estate values, and competition;
changes in loan defaults and charge-off rates; changes in the value
of securities and other assets, adequacy of loan loss reserves, or
deposit levels necessitating an increase in borrowing to fund loans
and investments; the changing exposure to credit risk; the
inability to identify suitable future acquisition targets; the
potential inability to effectively integrate and manage the new
businesses and lending teams that transitioned from Community Bank
of the South and Resurgens Bank; the inability to properly leverage
the expansion into the North Atlanta market; changes in legislation
or regulation; other economic, competitive, governmental,
regulatory, and technological factors affecting our operations,
pricing, products, and services; the effect of cyberterrorism and
system failures; the uncertainty in global markets resulting from
the new administration; and the effects of geopolitical instability
and risks such as terrorist attacks, the effects of weather and
natural disasters such as floods, droughts, wind, tornadoes and
hurricanes, and the effect of any damage to our reputation
resulting from developments relating to any of the factors listed
herein. Any or all forward-looking statements in this release and
in any other public statements we make may turn out to be wrong.
They can be affected by inaccurate assumptions we might make or
known or unknown risks and uncertainties. Consequently, no
forward-looking statements can be guaranteed. Except as required by
law, the Company disclaims any obligation to subsequently revise or
update any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events. Additional
information concerning factors that could cause actual results to
differ materially from those forward-looking statements is
contained from time to time in the Company's filings with the
Securities and Exchange Commission. The Company refers you to the
section entitled “Risk Factors” contained in the Company's Annual
Report on Form 10-K for the fiscal year ended September 30,
2016. Copies of each filing may be obtained from the Company or the
Securities and Exchange Commission.
The risks included here are not exhaustive and
undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written
and oral forward-looking statements attributable to the Company,
its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time unless otherwise required by law.
Contact: |
|
|
Robert L. Johnson,
Chairman & CEO |
|
Dresner Corporate
Services |
Curt Kollar, CFO |
|
Steve Carr |
706-645-1391 |
|
312-780-7211 |
bjohnson@charterbank.net or |
|
scarr@dresnerco.com |
ckollar@charterbank.net |
|
|
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