Habersham Bancorp in Cornelia, Ga., announced a nonbonding agreement to buy a two-branch bank in nearby Toccoa.
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The 20-year-old Liberty Bank and Trust, which has $25 million of assets and $20 million of deposits, has struggled to make money lately. It reported profits of just $4,000 through the first three quarters of 2004 and an efficiency ratio close to 100%.
Habersham, with $395 million of assets, said in a news release Wednesday that the two sides were still in negotiations but that it expected to reach an agreement and close the cash transaction in the second quarter. The price was not disclosed.
