Robertson acquires Community
Al Garrett was finally able to mark off the one open spot on his to-do list when the acquisition of Community Bank by Roberson Banking Company was passed by the FDIC.
“It’s just like getting a lot of new customers,” said Garrett, CEO of Robertson Banking Company. “It’s just increasing our loan volume and deposit volume.”
The merger had been in the works since March.
“It was kind of mutual,” said Garrett. “It evolved after discussions back and forth.”
As a result, Robertson Banking Company will inherit Community Bank’s headquarters located on 100 East Washington Street and their branch office on 951 U.S. Highway 80.
In a letter sent out to customers of Community Bank, Garrett as CEO of Robertson Banking Company extended a warm welcome to his newest batch of customers.
“We welcome you and look forward to serving your banking needs,” Garrett wrote in the letter. “Robertson Banking Company has been serving this area for 136 years and our philosophy is simple – we want to offer the products you need and give you the personal service you deserve.”
“This branch sale is consistent with our strategy of divesting our offices in smaller markets and redeploying those assets in higher growth areas,” Stacey Mann, Community Bank CEO said in an earlier interview. “WE are confident that Robertson Banking Company will serve the banking needs of our customers in Demopolis and we wish them well.”
Garrett, through the letter to the new customers, informed them of the changes that would go along with the acquisition.
“You will receive your new account checks in the mail before the acquisition date,” Garrett said through the letter. “Certificates of Deposits and Loan accounts will transfer but will not require any action from [the customer] until maturity.”
While the acquisition of the two Community Bank branches will only create a handful of jobs at most, Garrett realizes that a majority of Community Bank customers will continue to use the bank that they are familiar with the most.
“The closest one we have to where are is the Westside Branch and we expect it to be utilized more by Community Bank Customers than any others,” said Garrett. “But they are welcome to use any of our five branches.”