Premier Bancshares said Thursday it would buy Button Gwinnett Financial Corp., Lawrenceville, Ga., for $123 million in stock. The deal, estimated at 4.65 times book value, is expected to close in the second quarter.

Darrell D. Pittard, Premier's chairman, said acquiring the $220 million- asset banking company would give Premier an 8% share of deposits in lucrative Gwinnett County.

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