SNB Bancshares of Macon, Ga., Buying a Local Real Estate Broker
A $284 million-asset banking company in central Georgia said it plans to buy a residential real estate agency for an undisclosed sum.Macon-based SNB Bancshares said it expects to complete the purchase of Fairfield Financial, also of Macon, by midsummer. Fairfield operates mortgage offices in Macon, Savannah, and St. Simons Island.
The deal would give SNB its first presence outside the Macon area, said H. Averett Walker, SNB's president and chief executive officer.
Its last acquisition was in 1998, when it bought Crossroads Bancshares of Perry, Ga., for $15 million of stock.
- Craig Woker
New Privacy Rules to Be Explained In Interactive Broadcast on May 24
Industry experts plan to explore the new privacy regulations with thousands of community banks via satellite this month.The Independent Community Bankers of America and compliance solutions provider Bankers Systems Inc. are to co-sponsor the live broadcast, which is to address consumer privacy requirements of the Gramm-Leach-Bliley Act of 1999. The May 24 telecast is to run three-and-a-half hours, reach 78 cities, and feature banking and regulatory experts who will discuss the regulations and answer questions.
The forum is expected to generate ideas on how to protect community bankers from privacy claims and specify the ways that companies must disclose their privacy policies.
- Veronica Agosta
Flag, a Georgia Company, Selling 3 Offices to Smaller Rival Peoples
Flag Financial Corp., an $858 million-asset bank holding company based in LaGrange, Ga., said it plans to sell three in-state branches to $100 million-asset Peoples Banking Corp. of Blackshear, Ga.The deal, which is projected to close in the third quarter, includes the fixed assets, deposits, and loans of the three branch offices of Citizens Bank, a Flag subsidiary. The branches are in Blackshear, Homerville, and Waycross.
Peoples' president Richard E. Larson would not disclose how much his bank paid for the offices but said they will add about $60 million of assets to Peoples' total.
Citizens Bank, which is based in Vienna, Ga., reported assets of $276 million at yearend. In March, Flag announced a deal to sell three other Citizens branches, with assets totaling $42 million, to Pineland State Bank in Metter, Ga. This deal's price also was not disclosed.
- John Reosti