Investor group to buy Georgia Banking Company
An investor group has agreed to buy Georgia Banking Co. in Sandy Springs, Ga.
The group, led by Bartow Morgan Jr., said in a press release Tuesday that it plans to raise $150 million to build “a major presence” in commercial lending and private banking, primarily targeting customers in Atlanta and surrounding counties.
The acquirer, which plans to add services for midsize businesses such as treasury management, did not disclose the price it will pay for the bank.
“As our local economy continues to recover from the pandemic and begins a new growth phase, we plan to expand [the bank’s] presence in commercial banking and add more services to help owners of mid-size businesses grow,” Morgan said in the release.
Morgan was CEO of Brand Group Holdings in Atlanta when it was sold in 2018 to Renasant in Tupelo, Miss., for $453 million. His family had run Brand Bank since its founding in 1905.
Formed in 1998, Georgia Banking focuses on mortgage warehouse lending, construction lending and retail banking.
“Our shareholders are excited about Bartow’s plans for our organization’s growth and expansion in new areas of banking and financial services,” Elliott Miller, Georgia Banking’s president and CEO, said in the release. “His banking pedigree, business background and knowledge of metro Atlanta’s business community are a perfect fit.”
Morgan has experience raising capital.
Brand Group raised $200 million in 2011 and expanded into commercial-and-industrial lending, franchise acquisition lending and dealings with the Small Business Administration and Department of Agriculture. The company also expanded its consumer lending and deposit products.