ATLANTA First Sterling Banks Inc. announced Tuesday that it plans to acquire Walton Bank and Trust Co. in Monroe, Ga., for $15 million in stock, continuing its expansion in greater Atlanta.
Walton Bank, with $62 million of assets, would be the fifth community bank subsidiary of $1 billion-asset First Sterling, which itself merged with Main Street Banks in May. First Sterling operates 21 branches in eight counties.
Walton Bank and Trust will further our corporate objective of building market share in metro Atlanta through established community banks with strong management, said Ed Milligan, president and chief executive officer at First Sterling.
First Sterling would exchange 2.752 shares of its stock for each share of Walton. Based on First Sterlings closing price Monday, the deal is valued at $33.54 per share.
The sale is expected to close in the first quarter