First Banking Company of Southeast Georgia has a deal to buy Wayne Bancorp of Jesup, Ga., for about $22.5 million in stock.

First Banking Co., in Statesboro, has $380 million of assets and owns three banks, with 11 branches, in five southeast Georgia towns.

Wayne Bancorp is the parent of $46 million-asset Wayne National Bank, which has one location, in Jesup.

The deal, announced last week, is expected to close in the first quarter. Wayne National would keep its name and management.

J. Ashley Dukes, the chairman of Wayne, said First Banking Co. understands the local market and would help it and his bank grow.

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