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FirstBank in Tenn. to Buy Northwest Georgia Bank

FirstBank in Lexington, Tenn., has agreed to buy Northwest Georgia Bank in Ringgold.

The $2.5 billion-asset FirstBank said it expects to close the acquisition of the $298 million-asset Northwest Georgia in the third quarter. Financial terms were not disclosed.

Northwest Georgia Bank has five branches in Georgia and four branches in Tennessee. The acquisition will give FirstBank a total of 13 branches in metropolitan Chattanooga, Tenn.

Northwest Georgia Bank would be FirstBank's first acquisition since 2003, when it bought Bank of Murfreesboro in Tennessee. FirstBank is solely owned by its chairman, James Ayers.

UBS and Bass, Berry & Sims advised FirstBank. Keefe, Bruyette & Woods and Bryan Cave advised Northwest Georgia Bank.

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