Buford-based Peoples Bank & Trust to merge with Atlanta-based Georgia Banking Company
Peoples BankTrust and Georgia Banking Company announced Wednesday, November 10, that the Buford-based financial institution will merge with Atlanta-based GBC.
The merger agreement was unanimously approved by the respective boards of directors of Peoples and GBC.
“I made this decision with our customers and our employees in mind,” said Doug Nichols, President and CEO of Peoples. “Our partnership with GBC offers long-term growth potential for our shareholders. GBC’s strategic business plan and capital base allow for a wider range of capabilities and new business opportunities. Our businesses are aligned both culturally and operationally.
The cash and stock transaction has a total value of approximately $ 58 million. Peoples had approximately $ 439 million in assets, $ 393 million in deposits and $ 151 million in loans as of September 30.
“We are delighted to announce this financially attractive acquisition of Peoples,” said Bartow Morgan Jr., CEO of GBC. “Expanding our franchise to serve the people of the greater Atlanta metropolitan community is at the heart of our strategic vision. The acquisition increases our market share and provides us with an excellent opportunity to expand our presence in Buford, GA on a low risk basis. “
Under the terms of the merger, Peoples shareholders will receive $ 58 million in aggregate transaction value in a mix of cash and convertible preferred stock, and Peoples chief executive Larry Cheek will join the board of directors of the holding company GBC.