Georgia Banking Co. in Atlanta has agreed to buy Peoples BankTrust in Buford, Ga.
The $1 billion-asset Georgia Banking said in a press release Wednesday that it will pay $58 million in cash and preferred stock for the $439 million-asset Peoples. The deal is expected to close in the first quarter.
Peoples one branch, $393 million of deposits and $151 million of loans.
Georgia Banking was recapitalized by an investor group led by Bartow Morgan Jr. in February. The new ownership group raised $180 million to fund growth and build a commercial and private banking franchise.
“Expanding our franchise to serve the people of the broader metro Atlanta community is at the core of our strategic vision,” Morgan said in the release “The acquisition grows our market share and provides us an excellent opportunity to broaden our footprint into Buford, Georgia in a low-risk manner.”
Larry Cheek, a Peoples director, will join the Georgia Banking board.
Evercore and Troutman Pepper advised Georgia Banking. Performance Trust Capital Partners and Nelson Mullins advised Peoples.