Common use of Subsequent Mergers Clause in Contracts

Subsequent Mergers. (a) Immediately following the Effective Time, Seller shall be merged with and into Buyer pursuant to a Short Form Merger Agreement in substantially the form attached hereto as Exhibit 1 (“Merger 2” ). (b) Immediately following Merger 2, or at such other time as determined by Buyer in its sole discretion, Community Bank of the South, a Georgia state chartered banking institution and a wholly owned subsidiary of Seller, shall be merged with and into CharterBank, a federal savings & loan association and a wholly owned subsidiary of Buyer (the “Bank Merger”), and CharterBank shall be the surviving entity from the Bank Merger (the “Surviving Subsidiary”) pursuant to a Plan of Bank Merger in substantially the form attached hereto as Exhibit 2. Neither the receipt of regulatory approvals related to, nor the timing of, such Bank Merger shall affect the timing or consummation of the transactions contemplated by this Agreement.

Subsequent Mergers. (a) Immediately following the Effective TimeTime (as hereinafter defined), Seller shall be merged with and into Buyer pursuant to a Short Form Merger Agreement in substantially the form attached hereto as Exhibit 1 (“Merger 2” ”). (b) Immediately following Merger 2, or at such other time as determined by Buyer in its sole discretion, Community Bank of the SouthResurgens Bank, a Georgia state chartered banking institution and a wholly owned subsidiary of Seller, shall be merged with and into CharterBank, a federal savings & loan association and a wholly owned subsidiary of Buyer (the “Bank Merger”), and CharterBank shall be the surviving entity from the Bank Merger (the “Surviving Subsidiary”) pursuant to a Plan of Bank Merger in substantially the form attached hereto as Exhibit 2. Neither the receipt of regulatory approvals related to, nor the timing of, such Bank Merger shall affect the timing or consummation of the transactions contemplated by this Agreement.

Subsequent Mergers. (a) Immediately following the Effective Time, Seller the Surviving Company shall be merged with and into Buyer pursuant to a Short Form Merger Agreement in substantially the form attached hereto as Exhibit 1 (“Merger 2” ”). (b) Immediately following Merger 2, or at such other time as determined by Buyer in its sole discretion, Community Bank of the SouthFirst National Bank, a Georgia state chartered national banking institution and a wholly wholly-owned subsidiary of Seller, shall be merged with and into CharterBankBank First National, a federal savings & loan association national banking institution and a wholly wholly-owned subsidiary of Buyer (the “Bank Merger”), and CharterBank Bank First National shall be the surviving entity from the Bank Merger (the “Surviving Subsidiary”) pursuant to a Plan of Bank Merger in substantially the form attached hereto as Exhibit 2. Neither the receipt of regulatory approvals related to, nor the timing of, such Bank Merger shall affect the timing or consummation of the transactions contemplated by this Agreement.