Pinnacle Financial in Elberton, Ga., has agreed to buy Independence Bank of Georgia in Braselton.

The $685 million-asset Pinnacle said in a press release Friday that it will pay $32.8 million in cash for the $184 million-asset Independence. The deal is expected to close in the fourth quarter.

Independence has two branches, $136 million in loans and $151 million in deposits.

"This transaction will allow us to partner with an excellent financial institution that shares our commitment to serving our northeast Georgia communities," L. Jackson McConnell Jr., Pinnacle's president and chief executive, said in the release. "Our partnership with Independence furthers our strategy of targeted expansion in growing markets such as suburban Atlanta and continued organic growth in our current markets."

Pinnacle was advised by SunTrust Robinson Humphrey and Bryan Cave. Independence was advised by Banks Street Partners and Nelson Mullins Riley & Scarborough.

 

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