COLUMBUS, Ga. - Synovus Financial Corp. said it completed its $12.8 million stock purchase of Citizens and Merchants Corp., the parent of $51.4 million-asset Citizens and Merchants State Bank, Douglasville, Ga.

The deal marks Synovus' first acquisition in the suburbs west of Atlanta.

Citizens and Merchants will continue to operate under its existing corporate identity, management team, and local board of directors, Synovus said.

The transaction was accounted for as a pooling of interests. Holders of C&M stock received 0.5 share of Synovus stock for each C&M share.

The acquisition could be accretive to earnings this year, Synovus said.

Synovus has $7.3 billion of assets.

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