Security Bank Corp. of Macon, Ga., plans to buy the $224 million-asset Homestead Bank in Suwanee for $50 million in cash and stock.
The acquisition, announced late Wednesday and expected to close next quarter, would be the $1.7 billion-asset Security's third in the northern Atlanta market since May, when it purchased the $140 million-asset SouthBank in Woodstock for $32 million. Last month Security bought the $105 million-asset Neighbors Bancshares Inc. in Alpharetta for $31 million.
Rett Walker, the president and chief executive officer of Security, said in a press release that the deal for Homestead "is consistent with our disciplined acquisition strategy of focused expansion into demographically attractive markets."
Security also said its first-quarter earnings rose 51% from the same quarter last year, to a record $5.1 million.
