CapitalSouth Buys FL Banking Firm
CapitalSouth Bancorp is acquiring privately held Monticello Bancshares Inc. and its subsidiary, Monticello Bank, Jacksonville, Fla.
Monticello has a wholesale mortgage production operation headquartered in Fitzgerald, Ga., which originates prime conventional loans in Florida, Georgia, North Carolina and South Carolina.
W. Dan Puckett, Capital South's chairman and chief executive, said Monticello's mortgage operations would give Capital South added visibility as it continues to pursue expansion opportunities.
CapitalSouth is paying the shareholders of Monticello $14 million in cash, 1.05 million shares of its common stock and $8 million in debt. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com