WGNB Corp. of Carrollton, Ga., announced plans Tuesday to acquire the $205 million-asset First Haralson Corp. in Buchanan for $46.3 million in cash and stock.
First Haralson is the parent of the 97-year-old First National Bank of Georgia, which has six branches in Haralson and Carroll counties in northwest Georgia. WGNB, the $575 million-asset holding company for 60-year-old West Georgia National Bank, plans to take the First National Bank of Georgia name when the deal is completed.
"This new name provides greater flexibility and more opportunities for expansion into other attractive Georgia markets," H.B. "Rocky" Lipham 3rd, WGNB's president and chief executive officer, said in a press release. In a follow-up interview, Mr. Lipham said that the deal would be WGNB's first ever, but not its last. Specifically, he said, it would look for acquisition or merger-of-equals opportunities in markets south and west of Atlanta.
The deal is expected to close in the second quarter.
