Georgia's PAB Bankshares has made a deal to buy Baxley (Ga.) Federal Savings Bank for $19.7 million of stock.

Baxley Federal, with $107 million of assets, operates two branches in southeast Georgia.

The deal calls for the company to keep its name and charter and to become a subsidiary of the buyer. PAB, based in Valdosta, has $505 million of assets and four bank subsidiaries operating in Georgia.

Baxley Federal shareholders would get 2.4 shares of PAB for each of their shares in a tax-free pooling of interests.

The deal is expected to be completed by yearend.

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