Georgia Banking in Atlanta has agreed to buy Tandem Bank in Tucker, Ga.
The $2.7 billion-asset Georgia Banking said in a press release that it expects to buy the $304 million-asset Tandem in the second quarter. The price wasn’t disclosed.
“We’re excited to welcome the Tandem team to Georgia Banking Company,” Bartow Morgan Jr., Georgia Banking’s CEO, said in the release. “Tandem is a high-quality banking franchise built on prudent risk management and strong reputation for serving its customers well.”
“As we evaluated the evolving banking landscape, it became clear that scale and balance sheet strength are increasingly important to building a consistently high-performing bank,” Tandem said in a letter to shareholder. “Through this transaction, Tandem will join a well-capitalized community bank with a complementary presence across metro Atlanta and an attractive core deposit franchise.”
Tandem opened in September 2019.
Solomon Partners and Troutman Pepper Hamilton Sanders advised Georgia Banking. Performance Trust Capital Partners and Nelson Mullins Riley & Scarborough advised Tandem.