Georgia Commerce Bancshares has struck a deal to buy a competing Atlanta lender.
The $785 million-asset Georgia Commerce has agreed to buy Brookhaven Bank, the two companies announced Wednesday. The price was not disclosed.
Brookhaven has $179 million in assets and two branches, both in Atlanta. The deal would give Georgia Commerce nine branches in the Atlanta metro area.
"We are very excited about having Brookhaven Bank as part of our family and expanding our banking franchise into the vibrant Brookhaven community," Mark Tipton, Georgia Commerce's chief executive, said in a news release. "We are impressed with the employees, officers, management and board of this quality community bank, who share our same values, philosophies and commitment to outstanding customer service."
Georgia Commerce raised more than $25 million earlier this year in a stock sale to fund acquisitions. Investors included FJ Capital Management, a banking-focused investment manager in McLean, Va.
Georgia Commerce bought two failed banks in 2011, Patriot Bank of Georgia and CreekSide Bank, adding approximately $250 million in assets through the acquisitions.
Georgia Commerce and Brookhaven expect to complete their deal late in the fourth quarter, pending regulatory approval. Keefe, Bruyette & Woods advised Georgia Commerce on the agreement, and Banks Street Partners advised Brookhaven.