Heritage Financial Group in Albany, Ga., has agreed to buy a branch in a northeast Atlanta suburb from PrivateBancorp.
The $1.8 billion-asset Heritage did not disclose a price for the Norcross, Ga., branch.
Heritage will gain about $40 million in loans and $129 million in deposits in a transaction that is expected to close in the fourth quarter. All PrivateBancorp employees are expected to keep their jobs, Heritage said in a press release on Wednesday.
"This branch acquisition will allow us to pursue a niche-focused commercial bank model and will provide the footing for possible future expansion in metro Atlanta," Leonard Dorminey, Heritage's president and chief executive, said in the release. "We are excited by the prospects of having a physical branch in metro Atlanta, which we believe will increase our visibility in the market and enhance our ability to recruit high-performing commercial bankers and better serve our customers."
PrivateBancorp, which is based in Chicago and has $15 billion of total assets, will not have a branch presence in Georgia when the deal closes. The company has a loan production office in Atlanta.