First Liberty Financial Corp., Macon, Ga., said it has a deal to acquire Peoples Banking Corp., Blackshear, Ga., and its one-bank subsidiary, Peoples Bank, for about $18.5 million.

First Liberty, with $1.36 billion of assets, said it would exchange 12.78 shares - valued at about $310 - for each share of Peoples stock. Peoples, a $90 million-asset company, would then be merged into First Liberty.

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