First Citizens announces strategic acquisition in Georgia
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.