Community & Southern Holdings in Atlanta has agreed to buy Alliance Bancshares in Dalton, Ga.
Community & Southern will pay $13.60 a share for the $157 million-asset Alliance, which also has $92 million of loans and $130 million of deposits. Community & Southern said it expects to complete the acquisition by Sept. 30.
"This acquisition will position Community & Southern as the largest community bank in Dalton, a market that has proven its resilience following the downturn in the economy and the housing and flooring industries," Pat Frawley, Community & Southerns chief executive, said in a press release. "We are also excited to expand our presence in Forsyth County, one of Georgia's fastest-growing markets."
Alliance was advised by The Burke Group and Stewart, Melvin & Frost. Community & Southern was advised by Sterne, Agee & Leach and Alston & Bird.
The $3 billion-asset Community & Southern has been keen on consolidation in Georgia. It agreed to buy Verity Capital Group in Windsor, Ga., in September.