Premier Bancshares, Atlanta, said it would buy Frederica Bank and Trust, St. Simons Island, Ga., in a stock deal valued at $24.7 million.
Premier, which wrapped up two other acquisitions this month, said the Frederica deal would give it a toehold in Georgia's southern coastal market-an area with solid population growth potential. Frederica has $72 million of assets and holds a 25% share of deposits on St. Simons Island.
The deal, subject to regulatory and shareholder approvals, is expected to close in the fourth quarter. Frederica would retain its name and become a subsidiary.
If the deal is approved, Premier would have $1.4 billion of assets and 42 offices in Georgia, Jacksonville, Fla., Mobile, Ala., and Charleston. S.C.