Atlantic Southern Financial Group Inc. in Macon, Ga., has announced a deal to buy the $62 million-asset Sapelo Bancshares Inc. of Darien for $15.4 million in cash and stock.
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The deal is expected to close next quarter, the $435 million-asset Atlantic Southern said last week.
Sapelo has three branches in Glynn and McIntosh counties, which are on the Atlantic Coast.
"With our established presence in Chatham and Effingham counties, the acquisition of Sapelo is an excellent fit," Mark Stevens, Atlantic Southern's president and chief executive officer, said in a press release.
