Community & Southern to Buy Verity in Georgia

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 potential buyer in Georgia's M&A market. It bought an Atlanta branch from Ameris Bancorp last year. It named Mark Abernathy president in March.

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.