Elberton Federal Savings & Loan Association entered into a definitive agreement to acquire Oconee State Bank from Oconee Financial Corporation (OTCPK:OSBK) on June 1, 2021. The transaction is structured as a merger conversion, whereby Elberton, a federal mutual savings association, will convert to a stock form of organization and will simultaneously merge into Oconee State Bank. As part of the transaction, Oconee Financial Corporation will offer shares of its common stock to qualifying eligible Elberton account holders and possibly others in a subscription offering and a community offering. Elberton President and Chief Executive Officer Daniel Graves, will serve as the Northeast Georgia Market Executive for Oconee State Bank after the merger is completed and Elberton director Bob Paul will join the Oconee Financial and Oconee State Bank boards of directors. All Elberton Federal employees will remain with Oconee State Bank, and Elberton Directors Kyle Branan, Phil Pitts and Jimmy Hill will serve on Oconee State Bank'sNortheast Georgia advisory board. The proposed transaction will require approval of banking regulators, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Georgia Department of Banking and Finance, as well as the members of Elberton. It is anticipated that the merger conversion will take 4 to 6 months to complete. Performance Trust Capital Partners LLC acted as financial advisor in the transaction. Alston & Bird LLP acted as legal advisor for Oconee Financial Corporation. Fenimore, Kay, Harrison & Ford, LLP acted as legal advisor for Elberton Federal Savings & Loan Association.