Community & Southern Holdings in Atlanta has agreed to buy Verity Capital Group in Winder, Ga.
The $2.6 billion-asset Community & Southern has agreed to pay $11.80 per common share of Verity, the companies announced Wednesday. Community & Southern did not immediately respond to a call seeking further details on the terms of the agreement.
Verity has $170 million of assets, $144 million of deposits and two branches. Community & Southern has 34 branches, all in Georgia.
"We are very excited to announce our partnership with Verity Bank," Pat Frawley, Community & Southern's chief executive, said in a news release. "Verity's commitment to customers and the communities we serve, as well as a commitment to strong financial performance and credit quality, represents community banking at its finest."
Community & Sourthern has private-equity backing and has been considered a
Its deal to buy Verity is expected to close in the fourth quarter, pending regulatory approval. FIG Partners advised Community & Southern, and Sandler O'Neill advised Verity on the transaction.