River Financial Corporation (“River Financial”) and Trinity Bancorp, Inc. (“Trinity”) announce jointly the signing of a definitive agreement for a strategic merger of the two entities. Upon closing of the transaction, the combined entity will have more than $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 Jimmy Stubbs, Chief Executive Officer of River Bank & Trust, River Financial’s wholly owned bank subsidiary, and Robbin Thompson, President and Chief Executive Officer of Trinity. As part of the merger, a combination of shares of River Financial common stock and cash will be issued to the shareholders of Trinity.
Stubbs and Thompson jointly stated, “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. This is a great combination for individuals and businesses in the communities we serve.”
In connection with the merger of River Financial and Trinity, River Bank & Trust will merge with Trinity’s wholly owned bank subsidiary, Trinity Bank, and, as a result of the bank merger, Trinity Bank locations in Dothan and Enterprise will operate as River Bank & Trust. Upon closing, Trinity director Brian McLeod will join the River Financial board of directors and Trinity Bank director Robbin 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 the shareholders of Trinity. The merger is expected to close no later than the fourth quarter of 2019.
Trinity was advised in the transaction by Porter White Capital, LLC as financial advisor and Jones Day as legal counsel. Jones Walker, LLP served as legal counsel to River Financial.