LS Investor Group, LLC, Acquires Community Bank & Trust, Rebrands as LifeSteps Bank & Trust to Bring Boutique Small Business Banking Services to Alabama

UNION SPRINGS, Ala., March 12, 2024 /PRNewswire/ -- In January 2024, an investor group led by Henry Ford, Hill Womble and Adam Russell completed its acquisition of Union Springs-based Community Bank & Trust and rebranded the bank as LifeSteps Bank & Trust to bring niche commercial and private banking to the Alabama market.

LifeSteps Bank also plans to add fully integrated wealth management and advisory services in the near future, subject to regulatory approval, which would enable it to provide a differentiated experience from market competitors.

"We are pleased with the acquisition of the bank and are extremely excited to get to work implementing LifeSteps Bank's approach to providing a high-level personal touch for our clients in both banking and financial planning," said Henry Ford, Chairman of LifeSteps Bank & Trust. He added that acquiring the bank "offered an attractive opportunity for us to catalyze our business model without the inherent challenges of establishing a pure de-novo institution."

LifeSteps Bank has identified an opportunity in the banking services market that will be in high demand for the foreseeable future in the world of wealth management, including transferring wealth from the Baby Boomers to the next generation. With that in mind, LifeSteps Bank & Trust will focus on helping small business owners think strategically about their businesses and their legacy.

"What excites me most about this unique opportunity is the chemistry and cohesiveness of the executive team, including the board of directors," said LifeSteps Bank CEO Hill Womble. "Every member of the team brings skill sets that are proven to be highly successful, making high performance an assumed result. We enjoy what we do and are in alignment with the goal and desired outcome. We care. For me, this is a differentiator."

Womble and Ford have assembled a leadership team with deep experience in delivering highly customized banking experiences to local businesses. The company's executive team is comprised of seasoned banking professionals including EVP/CFO/COO Dana Potts, President and Chief Credit Officer John Johnson and Adam A. Russell, who is also a founder of the bank, as Western Region Director.

With the acquisition completed, the bank is now focused on implementing new and updated banking systems. The next steps include planning entry into Huntsville and preparing to deliver its wealth management strategy in late 2024.

The investor group was advised by DD&F Consulting and Alston & Bird LLP. Community Bank and Trust was advised by Troutman Pepper Hamilton Sanders LLP.

SOURCE LifeSteps Bank & Trust

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