The $6 billion-asset Alabama National BanCorp. in Birmingham has agreed to buy PB Financial Services Corp. of Duluth, Ga., for $130 million in stock.
The deal, announced Wednesday, would give Alabama National its second subsidiary in Georgia. PB Financial, with $517 million of assets, is the parent of Peachtree Bank, which would retain its name, employees, and board of directors and operate as a subsidiary of Alabama National.
The sale is expected to close in the fourth quarter.
Alabama National's 11 subsidiaries have 91 branches, in Alabama, Florida, and Georgia. Peachtree Bank, founded in 1998, has four branches, in Dekalb, Fulton, and Gwinnett counties in Georgia.
"We are pleased to increase our presence in the greater Atlanta market with such a fine group of bankers," said John H. Holcomb 3d, Alabama National's chairman and chief executive officer, in a news release.
