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.

Premier, which closed a deal to buy $165 million-asset Citizens Gwinnett Bankshares in December, has two other transactions in the works. After it completes the acquisition of Button Gwinnett, Griffin-based Bank Holding Co., and Cumming-based Lanier Bank and Trust Co., Premier will be Georgia's third-largest banking company, with $1.2 billion of assets. Premier's shares closed Thursday at $34.75, up $1.

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