Oconee Federal Financial Corp. (NASDAQ: OFED) (the “Company”) the holding company for Oconee Federal Savings and Loan Association ("Oconee Federal”) and Stephens Federal Bank ("Stephens Federal"), a mutual savings bank, today announced the execution of a merger agreement pursuant to which Stephens Federal will merge with and into Oconee Federal. The acquisition will add Stephens Federal's offices in Toccoa and Clayton, Georgia to Oconee Federal’s four branch network located in Oconee County, South Carolina. Stephens Federal's three offices will operate as branches of Oconee Federal Savings and Loan Association after the merger is completed.
Under the terms of the merger agreement, depositors and borrowers of Stephens Federal will become depositors and borrowers of Oconee Federal and will have the same rights and privileges in Oconee Federal MHC, the mutual holding company parent of the Company, as if their accounts had been established at Oconee Federal on the date established at Stephens Federal. In addition, the Oconee Federal Charitable Foundation will support charitable organizations in the communities served by Stephens Federal. The transaction does not require the vote of Stephens Federal’s members or the Company’s shareholders. After the merger, the combined institution with have approximately $519 million in assets.
T. Rhett Evatt, Chairman and Chief Executive Officer of Oconee Federal Financial Corp., stated, "We are extremely excited about our combination with Stephens Federal. This transaction provides us with an excellent platform to further grow and diversify our franchise in new markets that are contiguous to our existing market and with similar economic and demographic characteristics. This will be achieved by providing superior customer service in the communities we serve." Curtis T. Evatt, President of Oconee Federal Financial Corp., added “We look forward to welcoming Stephens Federal and their customers into the Oconee Federal family. We believe the integration of the two institutions’ personnel and operations will be quite smooth due to our similarities in operations. We are eager to proceed towards obtaining regulatory approval and closing the transaction so that we get to work as one organization.”