Pinnacle Financial in Elberton, Ga., has agreed to buy Morris State Bancshares in Dublin, Ga.
The $2.2 billion-asset Pinnacle said in a press release that it will exchange 0.1095 shares of its stock for each share of the $1.5 million-asset Morris. The deal is expected to close by early in the second quarter.
Morris’ shareholders will also receive a special dividend of 54 cents a share before closing.
“As we unite our two institutions, we strengthen our ability to serve people and businesses in communities across” Georgia, Jackson McConnell, Pinnacle’s chairman and CEO, said in the release. “After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together.”
The combined bank and company will be rebranded before closing. Eight Morris directors will join the 17-member board.
Spence Mullis, Morris’ chairman, president and CEO, will serve as director of community banking at Pinnacle.
Piper Sandler and Fenimore Kay Harrison advised Pinnacle. Keefe, Bruyette and Woods and Alston & Bird advised Morris.