ATLANTA -- BMR Financial Group Inc. said its shareholders approved agreements to dispose of four bank subsidiaries, three in Georgia and one in Tennessee.
The company said it expects to complete the sales of its Tennessee, Swainsboro, Ga., and Vidalia, Ga., banks during the second quarter. It said it has obtained regulatory approvals needed to complete all the deals except the sale of its Americus, Ga., subsidiary.
The company said it expects Fed approval for the Americus sale shortly and to complete it in the third quarter.
As reported, BMR agreed to sell the Georgia subsidiaries, for a total of $15.52 million cash, to holding companies formed by local investors. It also agreed to sell the Tennessee subsidiary for $1.2 million cash and 354,537 common shares.