MOULTRIE, Ga. ABC Bancorp, a multibank holding company, has announced it will expand into Florida by acquiring Tri-County Bank in Trenton for $7.2 million.
Tri-County, which has $46 million of assets, would retain its name, management, and employees, said Jack Hunnicutt, ABCs president and chief executive officer. ABC, with $822 million of assets, operates nine community banks in Georgia and Alabama.
Mr. Hunnicutt added that ABC had been seeking to enter Florida for several years, and decided on Tri-County, 75 miles from the Georgia border, because it gives the company a good foothold in Florida in an area with ample room for expansion.
The deal is expected to close by January.
