Hamilton of Ga. Purchasing Jefferson
Hamilton State Bancshares Inc. in Braselton, Ga., is acquiring a small bank it helped get off the ground two years ago.
The privately held Hamilton announced Monday that it is buying the $80 million-asset Jefferson State Bank in Cumming. The price was not disclosed.
Buying Jefferson would boost Hamilton's assets to $278 million and increase its deposits by 43%, to $223 million.
Hamilton, founded in 2004, helped capitalize Jefferson when it was founded in 2006.
Robert C. Oliver, Hamilton's chairman and chief executive, is also Jefferson's chairman and owns a 4.9% stake. In an interview Tuesday, Mr. Oliver said he abstained from voting on the deal between the two companies.
The deal is expected to close next quarter.
