COVINGTON, Ga. — The stock holding company of Newton Federal Bank announced Wednesday, Jan. 13, that members of Community First Bancshares MHC approved a Plan of Conversion and Reorganization.
The action was in connection with holding company Community First Bancshares Inc.’s previously announced plan to convert from a mutual holding company to a fully public stock holding company form of organization, a news release stated.
The approval was given at a special meeting Jan. 12.
Community First Bancshares Inc. stockholders had previously approved the plan at a special meeting Dec. 30.
The closing of the stock offering of Affinity Bancshares Inc. and conversion is subject to final regulatory approvals and customary closing conditions.
Community First Bancshares Inc. is a federal corporation based in Covington.
The company’s banking subsidiary, Newton Federal Bank, opened in 1928 and currently operates two full-service offices in Covington, a full-service office in Atlanta, and loan production offices in Braselton and Alpharetta.
Any questions regarding the conversion or the offering may be directed to the Stock Information Center at (678) 729-9788.