Less than two weeks after completing its acquisition of a Florida bank, Alabama National Bancorp has announced a deal to buy Georgia State Bank of Mableton, Ga.
Alabama National, with $1.3 billion of assets, said last week that it would buy Georgia State Bank and its parent, Community Financial Corp., for about $37.6 million.
The deal is valued at $11.96 per share, nearly 4.3 times book value, and would be Alabama National's first in the Peach State.
"We are very fortunate to have reached this agreement ... and we are enthusiastic about our entry into the suburban Atlanta market," said John H. Holcumb, chairman and chief executive officer at Alabama National.
Alabama National operates eight subsidiary banks in Alabama and Florida. Its newest subsidiary, Public Bank in St. Cloud, Fla., was bought May 29.
Georgia State Bank, with $124 million of assets, would retain its name, management, and employees, Mr. Holcumb said. The deal is expected to close by Nov. 30.