First Citizens announces strategic acquisition in Georgia

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First Citizens BancShares in Raleigh, N.C., has agreed to buy Community Financial Holding in Duluth, Ga.

The $37 billion-asset First Citizens said in a press release Tuesday that the total cash consideration for the deal is $2.3 million. It expects to buy the $223 million-asset parent of Gwinnett Community Bank in the first quarter.

“We’re glad to announce this merger with a company whose values and commitment to customers are a very good fit with ours,” Frank Holding Jr., First Citizens’ chairman and CEO, said in the release.

Community Financial has $206 million in deposits and $146 million in loans.

Sandler O’Neill and James, Bates, Bannan & Groover advised Community Financial. Ward & Smith advised First Citizens.

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