United Community Banks Inc. in Blairsville, Ga., has agreed to buy the $329 million-asset Southern Bancorp. Inc. of Marietta, Ga., for $66.5 million in stock.
The deal, announced late Tuesday and expected to close in the fourth quarter, would add two branches to the $6.3 billion-asset United Community's network of 95 offices throughout Georgia, North Carolina, and Tennessee.
"Southern National will significantly strengthen our existing north metro Atlanta franchise by adding experienced bankers and two key locations," Jimmy Tallent, United Community's president and chief executive officer, said in a press release. Southern National Bank is Southern Bancorp's sole banking subsidiary.
The acquisition would boost United Community from 13th to seventh in deposits Cobb County, Ga., and from 15th to ninth in Cherokee County, Ga., Mr. Tallent said.
