Lowndes Bancshares, Inc., the parent holding company of Commercial Banking Company (CBC Bank) based out of Valdosta, is proud to announce the acquisition of The Citizens National Bank of Quitman (CNBQ). The acquisition was finalized on March 1, 2022. Lowndes Bancshares, Inc. founded in 1990, is headquartered in Valdosta and serves as the holding company for CBC Bank and CNBQ.
Chartered in 1934, The Citizens National Bank of Quitman is a full-service financial institution that has been serving its local community for over 88 years. As of December 31, CNBQ reported total assets of $126 million and total deposits of $110 million. Chartered in 1929, CBC Bank is a full-service financial institution operating 5 branches in Valdosta, Hahira, Tifton, and Moultrie. As of December 31, CBC Bank reported total assets of $355 million and total deposits of $318 million.
Lowndes Bancshares President and Chief Executive Officer Johnny Langdale states, “Citizens National Bank of Quitman has served its community and customers with excellence for many years and will continue to do so. We are excited about the acquisition and are dedicated to ensuring that CNBQ customers will maintain the same level of service and commitment that they’ve come to know.”
“We are happy about the opportunity to provide additional resources to our customers while maintaining the current values that we uphold at CNBQ. This is a very positive change for us and will provide a way for Citizens National of Quitman to remain a viable bank in our community,” CNBQ President Neal Bradley states. “We will continue to be committed to our customers--striving to maintain our existence as a true, local community bank.”
The Citizens National Bank of Quitman will continue to operate under its current name and brand and in its current office space, as a wholly owned subsidiary of Lowndes Bancshares. CNBQ is excited for the future and remains committed to the standard of excellence that its customers have come to know.
Piper Sandler & Co. served as financial advisor and provided a fairness opinion and Troutman Pepper Hamilton Sanders LLP served as legal counsel to CNBQ in the transaction. Nelson Mullins LLP and Bryan Cave Leighton Paisner LLP served as legal counsel to Lowndes Bancshares in the transaction.