TALLAHASSEE, Fla. — Capital City Bank Group Inc. agreed to acquire closely held First Alachua Banking Corp. for about $58.2 million in cash and stock based on its Feb.2 closing price, adding eight mostly Gainesville-area branches as well as financial services.
Bank and financial services company Capital City said the deal, which it expects to close in the middle of this year will hurt 2005 earnings by 2 cents a share but boost 2006 earnings by a penny to 2 cents a share. A Thomson First Call survey of analysts produced an earnings estimate of $2.16 a share in 2005, and $2.33 a share in 2006.
In a press release Friday, Capital City said it was offering First Alachua shareholders $2,847.04 in cash and 71.176 shares of its stock for each of the 10,186 outstanding shares of the private company, which operates eight retail banking branches under the name of First National Bank of Alachua. First National Bank has $229 million in assets and a 97-year-history.
Shares in Capital City closed Thursday on the Nasdaq at $39.95, down 26 cents, or 0.6%.
