Community First Credit Union to Acquire Substantially All Assets of First Southern Bank

Jacksonville, Florida and Bradenton, Florida – November 18, 2025 – Community First Credit Union of Florida (“Community First”) and FSBH Corp. (“FSBH”) today announced a definitive agreement under which Community First will acquire substantially all of the assets and assume substantially all of the liabilities of First Southern Bank, headquartered in Waycross, Georgia. FSBH Corp. (OTCPK: FSBH) is the holding company for First Southern Bank.

The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, FSBH will liquidate and dissolve and distribute its remaining assets to its stockholders. When the acquisition is completed, Community First will have approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and will have 31 branches throughout Georgia and Florida.

The acquisition broadens Community First’s commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking. As members of Community First, First Southern Bank customers will enjoy full access to the complete range of products and services offered by Community First for both consumers and businesses.

Sam Inman, President and CEO of Community First, said "While we love the growth opportunities that come with the transaction, this acquisition is founded on a unified vision between Community First and First Southern Bank. Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence.”

Inman continued, “This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons.”

Daniel S. Hager, Chairman and CEO of FSBH and First Southern Bank stated, “We are excited about the opportunity to unite these two like-minded organizations. First Southern Bank customers will continue to see their trusted familiar banker at each location. The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion.” Mr. Hager emphasized that by joining forces with Community First Credit Union, “We clearly see the benefits for our customers, and look forward to joining the Community First team.”

The transaction is anticipated to be completed in the second or third quarter of 2026, subject to receiving all required regulatory approvals, approval by the shareholders of FSBH, and other customary closing conditions.

Community First was advised in the transaction by Olden Lane Inc. as exclusive financial advisor and Honigman, LLC as legal counsel. FSBH Corp. was advised by Janney Montgomery Scott LLC as exclusive financial advisor and Alston & Bird, LLP as legal counsel.

About Community First Credit Union

Celebrating 90 years of service in 2025, Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the largest credit unions in Florida with $2.9 billion in assets and serving 187,000 members. Community First has 24 locations and more than 450 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses. For more, visit www.communityfirstfl.org. For media inquiries, please contact Maria Coppola at 904-312-3321.

About First Southern Bank

First Southern Bank has been a leading financial services provider for consumers and small businesses since 1907 and offers a full range of banking and lending products. Headquartered in Waycross, Georgia, the bank has seven branch locations. Hours vary per location and can be found on the website: www.fsb-bank.bank. Branch locations offer checking, savings, commercial, consumer and residential loans, ATM’s, online banking, cash management services, 24/7 telephone banking and a mobile app for banking on the go. First Southern Bank is a member FDIC, Equal Housing lender and Equal Opportunity Employer. For more information, please call 941-554-7080.
 

Q & A

Community First Credit Union has signed a definitive agreement to acquire First Southern Bank.

The Boards of both organizations have approved the agreement. The transaction is subject to regulatory approval. When the acquisition is completed, Community First will have approximately $3.3 billion in assets.

The acquisition broadens Community First’s commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking. As members of Community First, First Southern Bank customers will enjoy full access to the complete range of products and services offered by Community First for both consumers and businesses.

What will the combined organization be called?

The legal name of the combined organization will be Community First Credit Union of Florida. It will be commonly referred to as Community First Credit Union, or Community First, as is the case today.

Where are First Southern Bank’s branches?

First Southern Bank has seven locations - Four in Southeast Georgia in Waycross, Blackshear, Patterson, and Jesup. Three in mid-Florida in Bradenton, Sebring, and Stuart.

How large will the combined organization be?

When approved, the organization will have more than $3.3 billion in assets, 31 branch offices across Northeast Florida, Southeast Georgia, and mid-Florida, and over 530 teammates.

Why is this acquisition happening?

The organizations share a community-oriented, relationship-based approach. Combining will expand services and strengthen community impact.

What happens to First Southern Bank employees?

Community First expects to retain all First Southern Bank employees. The combined team will be approximately 530.

Is the acquisition finalized?

The organizations have signed a definitive agreement, but the transaction requires regulatory approval. This typically takes four to seven months.

What is the benefit of this to Community First and its members?

All of Community First’s members will benefit from an expanded network and access to services across Florida and South Georgia. In addition, First Southern Bank offers exceptional commercial products and services to strengthen support of businesses small and large.

Who is Community First Credit Union?

Community First is a state-chartered credit union based in Jacksonville, serving anyone who lives or works on the First Coast. Community First is among Florida’s largest credit unions, with $2.9 billion in assets, 187,000 members, 24 locations, and more than 450 teammates. It offers banking, loans, mortgages, and investments for consumers and businesses.

Who is First Southern Bank?

First Southern Bank has been a leading financial services provider for consumers and small businesses since 1907 and offers a full range of banking and lending products. Headquartered in Waycross, Georgia, the bank has seven branch locations. Hours vary per location and can be found on the website: www.fsb-bank.bank. Branch locations offer checking, savings, commercial, consumer and residential loans, ATM’s, online banking, cash management services, 24/7 telephone banking and a mobile app for banking on the go.