COVINGTON, Ga. — Community First Bancshares, the holding company of Newton Federal Bank, announced a new company is beginning to offer stock in connection with Community's proposed conversion from a mutual holding company to a stock holding company.
Affinity Bancshares is offering for sale up to 3.22 million shares, subject to increase to 3.703 million shares, of common stock at a purchase price of $10 per share.
Affinity is a newly formed Maryland corporation that is the proposed successor to Community First Bancshares Inc. as the holding company of Newton Federal Bank, according to a Monday, Nov. 23, news release.
The shares will be offered to “certain depositors of the bank as well as certain depositors of the former Affinity Bank, and to Newton Federal's employee stock ownership plan,” the release stated.
Shares of common stock that are not subscribed for in the offering may be offered for sale to members of the general public with preference given to residents of specified counties in Georgia, according to the release.
Performance Trust Capital Partners LLC is managing the subscription and community offerings. For more information about the offering or requests for offering materials call 678-729-9788.
The Stock Information Center, located at 3175 Highway 278, Covington, will be open Monday through Friday from 10 a.m. to 4 p.m., through Dec. 21, the scheduled expiration date of the subscription offering.
Affinity Bancshares must sell at least 2.38 million shares of its common stock in the offering. Completion of the conversion and offering is also subject to the receipt of final regulatory approvals, the approval of Community First’s stockholders and the mutual holding company's members and other customary closing conditions, the release stated.
Community First Bancshares is based in Covington. Its 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 the Forsyth County area.