Entegra Financial Corp., the holding company for Entegra Bank, announced the completion of its acquisition of Chattahoochee Bank of Georgia located in Gainesville, Georgia, effective the morning of October 1, 2017. Pursuant to the Agreement and Plan of Merger and Reorganization dated June 26, 2017, Chattahoochee merged with and into Entegra Bank. Chattahoochee will continue to operate as Chattahoochee Bank of Georgia until a system conversion is completed in March 2018.

Roger D. Plemens, President and CEO of Entegra and Entegra Bank commented, “We are excited to continue executing our strategy of building long-term franchise value by expanding into contiguous, high growth markets like Gainesville. We welcome Chattahoochee’s customers and are committed to continuing the high level of service they have received since 2008.”

Shareholders of Chattahoochee will receive a combination of cash and stock having a value of $14.75 in exchange for each share of Chattahoochee’s common stock held immediately prior to the effective time of the merger. The aggregate merger consideration paid by Entegra is approximately $34.9 million, which includes the cash-out of in-the-money stock options and warrants. Entegra expects to issue approximately 395,000 shares of its common stock in connection with the merger.

Effective upon the consummation of the merger, Jody Lail, Greg Barrett and Stephen Starke became Senior Vice Presidents of Entegra Bank. Roger D. Plemens stated, “We are thrilled to add Jody, Greg and Stephen to our team. They will bring stability for the Chattahoochee customers during the transition and will continue to have influence and decision-making authority in the community.”