Continuing its expansion in metropolitan Atlanta, Security Bank Corp. of Macon, Ga., announced that it is buying the $252 million-asset First Commerce Community Bankshares Inc. in Douglasville.
The $2.5 billion-asset Security Bank said it would pay First Commerce shareholders $57 million of stock and a one-time dividend not to exceed $3.16 million.
First Commerce would be Security's fourth acquisition in the Atlanta market since June 2005.Its most recent acquisition was the $224 million-asset Homestead Bank in Suwanee, which it bought in July for $50 million.
The First Commerce deal "is consistent with the strategic acquisition course we have established, which targets expansion into demographically attractive markets," Rett Walker, Security Bank's president and chief executive, said in a press release. The deal, announced late Monday, is expected to close next quarter.
