Oconee Financial in Watkinsville, Ga., has agreed to buy Elberton Federal Savings and Loan Association in Elberton, Ga.
The $520 million-asset Oconee said in a press release Tuesday that the $29 million-asset Elberton, a federal mutual savings association, will convert to a stock-owned bank before the merger. Oconee will offer shares of its common stock to qualifying Elberton customers, and possibly others, in a subscription offering and a community offering.
Oconee said it should take four to six months to complete the merger conversion.
“The opportunity to … expand our footprint in northeast Georgia and strategically grow our relationship with local business owners and residents is a cohesive, strategic partnership,” Neil Stevens, Oconees’s president and CEO, said in the release.
“Achieving our goal of becoming Georgia’s most remarkable community bank requires top talent in strong communities, and this transaction checks both of those boxes,” Stevens added.
Daniel Graves, Elberton’s president and CEO, will become Oconee’s northeast Georgia market executive. Bob Paul, an Elberton director, will join Oconee’s board.
Performance Trust Capital Partners was the deal’s financial adviser, while RP Financial provided appraisal and valuation services. Alston & Bird was Oconee’s legal counsel, while Fenimore, Kay, Harrison & Ford advised Elberton.