Synovus Financial Corp. Wednesday announced a letter of intent to purchase Community Bank Capital Corp. of Alpharetta, Ga., for stock. Further details were not disclosed.
Community Bank Capital, which has assets of $348 million, is parent of Bank of North Georgia. The deal is Synovus' first move into the fast- growing area north of Atlanta.
Bank of North Georgia would operate under its current name, management team, and local board of directors.
The company has six branches in three counties north of Atlanta.
The acquisition, subject to shareholder and regulatory approval, is expected to be completed in the third quarter.
Synovus Financial is a $9.4 billion-asset company made up of 34 banks in Georgia, Alabama, Florida, and South Carolina. It also owns 80.7% of Total System Services Inc., the debit, commercial, and private-label card processing company.