CARROLLTON, Ga. Community First Banking Co. of Carrollton, Ga., announced Friday that it has a deal to buy First Deposit Bancshares of Douglasville, Ga., for $14.3 million.
Douglas Federal Bank, a subsidiary of $138 million-asset First Deposit, is to take on the Community First name and Charter and First Deposit stockholders would receive either $19.375 or 0.95 shares of Community first for each of their shares. The deal is slated to close in the second quarter.
Gary Dorminey, president and chief executive officer of $400 million-asset Community First, said his company wants to expand in Douglas County, which is just outside the rapidly growing Atlanta area.
First Federal is converting from a thrift to a bank holding company and expects to complete the conversion in March.