Citizens South Banking Corp. Buys New Horizons from FDIC Receivership
New Horizons Bank was acquired from FDIC receivership last month; strategic acquirer Citizens South Banking Corp. was the buyer. The company assumed approximately $107.6 million in assets and $106.0 million in liabilities, including $101.9 million in current deposits from New Horizons Bank. Lately, private equity investors have increasingly sought to invest in minority stakes of banks being sold out of FDIC receivership. McColl Partners was an advisor on the deal.
12 May 2011•2 mins read
