Premier Bancshares has executed a letter of intent to acquire all the outstanding shares of Traditional Mortgage Corp.
The transaction, a tax-free exchange of about 120,000 shares of Premier Bancshares common stock, is expected to be valued in October, at the conclusion of due diligence.
Traditional Mortgage Corp. operates five lending offices: three in Atlanta; one in Mobile, Ala.; and one in Jacksonville, Fla. The company plans to open an office Oct. 1 in Charleston, S.C. Traditional Mortgage, with 65 employees, produces $15 million to $17 million of mortgages a month.
Premier Bancshares is a bank and thrift holding company with four subsidiaries operating 21 offices in Georgia.