PAB Bancshares, Valdosta, Ga., has announced a plan to acquire Eagle Bancorp, Statesboro, Ga., for $20.8 million in stock.
A multibank holding company with $344 million of assets, PAB said it would exchange one share of its stock for each share of Eagle.
The deal, expected to close by yearend, would expand PAB's presence into southeastern Georgia. The company operates three community banks in the southwestern and south-central sections of the state.
Eagle, with $66 million of assets, is the parent of Eagle Bank and Trust. Like PAB's three other subsidiaries, Eagle Bank would retain its name, its employees, and its board of directors.
"In joining PAB's partnership of community banks, we have found a way to remain a strong financial service provider for our Bulloch County customers while retaining a high degree of local decision-making," said Andrew M. Williams, Eagle Bank's president and chief executive officer.