Savannah (Ga.) Bancorp said this week it plans to buy Bryan Bancorp of Georgia, Richmond Hill, for $24 million in stock.

Bryan Bancorp is the parent company of $66 million-asset Bryan Bank and Trust, which has a branch in Richmond Hill and plans for a second one.

Archie H. Davis, president and chief executive officer of $164 million- asset Savannah, said the deal calls for Bryan to keep its name, charter, and staff. "We are not doing this to save money. They are a very efficient bank already," Mr. Davis said. "What this deal does is double our legal lending limit and give us a huge new platform for our mortgage lending and trust departments to sell to."

The deal is expected to close by the end of the second quarter.

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