River Financial Corp. and Trinity Bancorp Inc. have agreed on a merger which will result in a combined $1.275 billion in total assets, $875 million in total loans and $1 billion in total deposits with 17 locations across Alabama.
The joint announcement was issued by River Bank & Trust CEO Jimmy Stubbs and Trinity president and CEO Robbin Thompson.
As part of the merger, a combination of shares of River Financial common stock and cash will be issued to the shareholders of Trinity, according to a news release.
“Our respective boards and executive management teams believe the merging of our two community banks is in the best long-term interest of our customers, employees and shareholders,” Stubbs and Thompson said in a joint statement. “This is a great combination for individuals and businesses in the communities we serve.”
River Bank & Trust will merge with Trinity’s wholly owned bank subsidiary, Trinity Bank. As a result, Trinity Bank locations in Dothan and Enterprise will operate as River Bank & Trust. Upon closing the deal, Trinity director Brian McLeod will join the River Financial Board of Directors and Thompson will join the River Bank & Trust Board of Directors and serve as the Wiregrass Region president.
The merger agreement is subject to regulatory approvals and approval of Trinity’s shareholders. The merger is expected to close no later than the fourth quarter of 2019.
River Bank & Trust has branches in Alexander City, Millbrook and Wetumpka.