Georgian Bancorp of Atlanta said Wednesday that it is going private to cut costs and ease regulatory burdens.
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Stockholders with fewer than 2,000 shares would receive $15 in cash for each share. That would bring the number of shareholders to below 300, which would exempt the $500 million-asset company from filing with the Securities and Exchange Commission.
Georgian, formerly Sweetwater Financial Group Inc., went public in 2001 to coincide with the opening of its banking subsidiary.
