Millennium Bancshares in Chattanooga, Tenn., has agreed to buy North Georgia Community Financial Partners in Calhoun.
The $528 million-asset Millennium Bank, which is owned by the DeFoor family, applied with the Federal Deposit Insurance Corp. on June 26 to buy the $267 million-asset North Georgia National Bank. The deal is expected to close in the fourth quarter.
The price wasn’t disclosed.
“This partnership represents a significant milestone in our growth strategy,” Michael Rouse, Millennium Bank’s president, said in a press release announcing the deal. North Georgia National “has built a strong reputation for exceptional customer service and community involvement. By joining forces, we will enhance our ability to serve our customers with a broader range of financial solutions while maintaining the personalized service they have come to expect.”
Lesa Downey, North Georgia National’s president and CEO, will join Millennium Bank’s leadership team.
Miller & Martin advised Millennium. Baker, Donelson, Bearman, Caldwell, & Berkowitz advised North Georgia National.