COVINGTON, Ga.--(BUSINESS WIRE)--Community First Bancshares, Inc., the stock holding company of Newton Federal Bank, announced today that Affinity Bancshares, Inc., a newly formed Maryland corporation that is the proposed successor holding company of the Bank, is commencing its stock offering in connection with the proposed conversion of Community First Bancshares, MHC from the mutual holding company structure to the stock holding company form of organization.

Affinity Bancshares is offering for sale up to 3,220,000 shares, subject to increase to up to 3,703,000 shares, of common stock at a purchase price of $10.00 per share. The shares will be offered in a subscription offering to certain depositors of the Bank as well as certain depositors of the former Affinity Bank, and to the Bank’s employee stock ownership plan. Shares of common stock that are not subscribed for in the subscription offering may be offered for sale to members of the general public in a community offering, with preference given to residents of specified counties in the State of Georgia.

The subscription and community offerings are being managed by Performance Trust Capital Partners, LLC. All questions concerning the offering or requests for offering materials should be directed to the Stock Information Center at (678) 729-9788. The Stock Information Center, located at 3175 Highway 278, Covington, Georgia, will be open Monday through Friday from 10:00 a.m. to 4:00 p.m., Eastern Time, beginning November 23, 2020 through December 21, 2020, the scheduled expiration date of the subscription offering.

Affinity Bancshares must sell at least 2,380,000 shares of its common stock in the offering. Completion of the conversion and offering is also subject to the receipt of final regulatory approvals, the approval of the Company’s stockholders and the MHC’s members and other customary closing conditions.

This release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock of the new holding company are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

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.