THOMSON, Ga.-- Allied Bankshares Inc. and First Savings Bank of Thomson, Ga., announced today that they had agreed to merge.
Under the agreement, First Savings will be merged into Allied Bank of Georgia, a wholly owned banking subsidiary of Allied in a tax-free exchange of First Savings Bank shares for shares of Allied common stock with a market value of approximately $11.8 million.
The exchange is based on a ratio of 2.9 shares of Allied for each share of First Savings, subject to adjustment in the event Allied shares trade outside an established price range at closing. The merger is subject to approval by First Savings' shareholders and regulatory authoritie, s and is expected to be closed in the fourth quarter of 1994.
First Savings is headquartered in Thomson, McDuffie County, Ga., and has branches in Burke and Wilkes counties.
First Savings Bank reported total assets of $76.1 million and income of $948,000 for 1993.
After the merger, Allied, also based in Thomson, will have 25 banking locations, of which 22 will be in seven contiguous counties of the central Savannah River area.