Locals Purchase First Southern
New Owners Have History of Local Commitment
FLORENCE – Shoals-based First Southern Bank has agreed to be acquired by a group of local business leaders with long-term ties to the Shoals community. Charles Anderson, Joel Anderson, Chester McKinney Jr., Todd Ouellette, and George Pillow Jr., are uniting to enable First Southern Bank to capitalize on the tremendous growth potential and opportunity in the Shoals and across North Alabama.
The proposed acquisition is pending regulatory and shareholder approval. However, it has been unanimously approved by the bank’s board of directors and its parent bank holding company, First Southern Bancshares, Inc.
Dennis Morgan is the current executive vice president and senior lending officer. He will become First Southern’s president and chief executive officer.
“We are so fortunate that these outstanding community leaders and their families have agreed to make an investment in our business,” Morgan stated. “Their belief in the growth of our vibrant and expanding local economy opens an exciting new chapter for First Southern Bank.”
“Today’s announcement is an important milestone in the history of First Southern Bank, and a great day for its customers, employees and community,” added current president and CEO Jack Johnson. “The bank will continue to serve its customers without disruption; our employees and management team remain intact. After forty years as a local banker, I am retiring with the comfort of knowing that First Southern is in excellent and experienced hands under the leadership of Dennis Morgan and Rod Schlosser.”
Although Johnson is retiring, he will continue as a consultant to First Southern as it moves forward.
“On behalf of our board of directors, I want to thank our shareholders and our loyal customers for the support they have given First Southern Bank over the years,” said chairman Acker Rogers. “This purchase is a very positive development for the bank and I believe that the new ownership will lead First Southern to even greater future success.”
Executive vice president and chief financial officer, Rod Schlosser, added, “We are gratified to have this vote of confidence in our institution and our community. We look forward to an exciting future for our customers and employees.”
First Southern anticipates this transaction will be completed during 2017. However, closing is subject to various customary conditions which may affect exact timing.
First Southern Bank’s predecessor, First Federal Savings & Loan Association, was federally chartered in January of 1935. This makes it the oldest financial institution headquartered in the Shoals. First Federal Savings & Loan became First Southern Bank in 1995.
First Southern has branch locations in Muscle Shoals, Ford City, Killen, St. Florian, and the main office in downtown Florence. There is also a Mortgage Lending Office on North Pine Street in Florence. Please call 256-718-4200 for more information.