Capital City Bank Group Inc. in Tallahassee, Fla., is buying First Alachua Banking Corp. for $58.2 million in stock.
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The deal, announced Friday, is expected to close at midyear. It would give Capital City its first operations in Alachua County, where the $229 million-asset First Alachua has seven of its eight branches.
Capital City's asset total would rise to more than $2.6 billion. It would have nearly 70 branches in Florida, Georgia, and Alabama.
First Alachua is the parent of the 97-year-old First National Bank of Alachua.
