Flag Financial Buying Citizens of Vienna, Ga.

Flag Financial Corp., parent company of First Federal Savings Bank of LaGrange, Ga., agreed last week to buy Citizens Bank of Vienna in an all- stock deal.

Citizens shareholders would receive 15.75 shares of Flag stock for each Citizens share. The $119 million-asset Citizens would retain its name and its staff after the acquisition closed early next year.

The price was not disclosed, because Citizens is a private bank.

J. Daniel Speight, Citizens' president, said that as an independent bank Citizens struggled with too many administrative duties. He said turning them over to the $238 million-asset holding company would allow employees to focus on building customer relationships.

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