Cyber Security Industry News

TMCNet:  Community First Bancshares, Inc. Announces Results of Special Meeting of Members

[January 13, 2021]

Community First Bancshares, Inc. Announces Results of Special Meeting of Members

Community First Bancshares, Inc. (the "Company"), the stock holding company of Newton Federal Bank (the "Bank"), announced today that, at a special meeting held on January 12, 2021, the members of Community First Bancshares, MHC (the "MHC") approved the Plan of Conversion and Reorganization (the "Plan") in connection with the Company's previously announced plan to convert from the mutual holding company to the fully public stock holding company form of organization. Stockholders of the Company had previously approved the Plan at a special meeting held on December 30, 2020.

The closing of the stock offering of Affinity Bancshares, Inc. and conversion remains subject to receipt of final regulatory approvals and customary closing conditions.

Any questions regarding the conversion or the offering may be directed to the Stock Information Center by telephone at (678) 729-9788.

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results my differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the failure to obtain the final approval of the Board of Governors of the Federal Reserve for the proposed conversion and related stock offering, delays in obtaining such approval, or adverse conditions imposed in connection with such approval; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; the effects of any pandemic, including COVID-19; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission (the "SEC (News - Alert)"), which are available at the SEC's website, www.sec.gov.


The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

About Community First Bancshares, Inc.

The Company is a federal corporation based in Covington, Georgia. The Company's banking subsidiary, Newton Federal Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, a loan production office in Braselton, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.


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