GB&T Bancshares Inc. in Gainesville, Ga., has a deal to acquire an Atlanta-area start-up that would become the multi-bank holding company's seventh subsidiary.
The $1.6 billion-asset GB&T announced late Monday that it would pay $40.5 million in cash and stock for the $130 million-asset Mountain State Bank in Dawsonville. Mountain, founded in April 2003, has two branches, in fast-growing Dawson and Forsyth counties, north of Atlanta.
The deal is expected to close in the second quarter.
Mountain would retain its name, its management, and its board. Richard Hunt, GB&T's chief executive, said that the deal would give Mountain's customers access to a wider range of products and services, including trust and investments. He added that the deal would be accretive to earnings within 12 months of its closing.
