to buy United Bank and Trust Co. of Polk County for an undisclosed price.

The $225 million-asset company would exchange 1.2 share of its stock for each share of United. The smaller bank, with $44 million of assets and two branches, would maintain a separate charter and board of directors.

GB&T is the parent of Gainesville Bank & Trust. The deal is subject to the signing of a definitive agreement and would close before yearend.

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