Georgia Banking Co. in Atlanta has agreed to buy Primary Bancshares in Atlanta.
The $2 billion-asset Georgia Banking said in a press release that it will pay $27 million in cash and stock for the parent of the $352 million-asset Georgia Primary Bank. The deal is expected to close in the first half of next year.
Georgia Primary has two branches, $320 million in deposits and $256 million in loans.
H. Boyd Pettit III, Primary’s chairman, and another director will join Georgia Banking’s board.
Evercore and Troutman Pepper advised Georgia Banking. Performance Trust Capital Partners and Nelson Mullins Riley & Scarborough advised Primary.