MACON, Ga. -- First Liberty Financial Corp. said it has entered into a definitive agreement to acquire First Federal Savings and Loan Association of Milledgeville, Ga.

First Liberty, which has $699 million in assets, plans to merge First Federal into its Liberty Savings Bank. First Federal has $45 million in assets and would add two branches to Liberty Savings' network of 18. Liberty also has a mortgage affiliate and a loan production office in Atlanta.

Completion of the transaction is subject to regulatory approval.

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