Tallahassee, Fla.-based Capital City Bank Group Inc. said it plans to enter Alabama through a $17 million deal it announced Tuesday for a Georgia-based bank.
Capital City, which has $1.5 billion of assets, said it would buy $155 million-asset First Bankshares of West Point Inc. and its subsidiary, First National Bank of West Point, for $17.3 million of stock and cash.
First Bankshares, headquartered 35 miles north of Columbus, Ga., operates two branches in Valley, Ala., and one in West Point, Ga.
The deal would be Capital Citys second in Georgia; in May 1999 it bought First National Bank of Grady County in Cairo.
The south Georgia market and landscape are very similar to ours, and we are anxious to expand, said Kim Davis, executive vice president and chief financial officer at Capital City. We will also look at any opportunities in Alabama.
The deal is expected to close in the first quarter.