In Brief: Fla. Company Entering Ga. with $31M Deal

Marking its entry into Georgia, Florida's Capital City Bank Group Inc. has announced a deal to buy Grady Holding Co. in Cairo for $31 million in stock.

The price is 1.94 times Grady's book value and 15.27 times earnings.

The pooling-of-interest deal calls for Tallahassee-based Capital City to issue 21.5 shares of its common stock for each of Grady Holding's 60,910 shares. John B. Wight Jr., majority owner of First National, would join Capital City's board when the deal closed.

Grady Holding, with $114 million of assets, is the parent of First National Bank of Grady County. First National has three branches in Georgia and the top market share in its home county.

Capital City has $1.3 billion of assets.

Its banking subsidiary, Capital City Bank, has 44 branches in Florida.

The deal, announced last week, is set to close in the second quarter.

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