On April 28, 2017, Newton Federal Bank, Covington, Georgia, completed its mutual holding company reorganization and concurrent initial public offering by Community First Bancshares, Inc. (“Community First”), the holding company of Newton Federal Bank.  Community First sold 3,467,595 shares of its common stock in a subscription offering at $10.00 per share, representing 46% of Community First’s outstanding shares.  The remaining 54% of Community First’s outstanding shares of common stock were issued to Community First Bancshares, MHC, the mutual holding company parent. Community First’s common stock began trading on the NASDAQ Capital Market under the symbol “CFBI” on April 28, 2017.

Newton Federal Bank’s mutual holding company reorganization and stock offering is only the second such transaction completed since the enactment of the Dodd-Frank Act in 2010.

Luse Gorman served as legal counsel to Newton Federal Bank in the reorganization and offering. The Luse Gorman team was led by Eric Luse (Corporate/M&A), Thomas P. Hutton (Executive Compensation), Ned Quint (Corporate/M&A) and Gary Lax (Regulatory), and included Ellie Cook (Corporate/M&A).

Newton Federal Bank has $238 million in total assets and operates from its main office and two branch offices located in Covington, Georgia, and a loan production office located in Bogart, Georgia.