GB&T Bancshares in Gainesville, Ga., announced Friday that it plans to buy Community Trust Financial Services Corp in Hiram, Ga., for an undisclosed sum.
GB&T has $358 million of assets. Community has $156 million.
Richard A. Hunt, GB&Ts president and chief executive officer, noted that the deal would give his company a presence in three contiguous counties in northern Georgia, including Paulding, one of the fastest-growing in the nation.
Community stockholders would receive 0.786 shares of GB&T for each of their shares.
The sellers Community Trust Bank would operate independently, under its own name and board of directors. So would GB&Ts Gainesville Bank and Trust and its United Bank and Trust, acquired over a year ago.
