KeyWorth Bank in Johns Creek, Ga., has agreed to buy a branch from Signature Bank of Georgia in Sandy Springs.
KeyWorth plans to buy Signature's Dunwoody, Ga., branch, along with $30 million in deposits and $11.7 million in loans, the companies announced Thursday. Terms of the agreement were not disclosed.
The acquisition would give the $335 million-asset KeyWorth four branches, along with a loan office, in Georgia. The $124 million-asset Signature would have one branch. KeyWorth plans to retain the current Signature employees.
KeyWorth "has a number of customers in the Dunwoody/Sandy Springs area, and the addition of the Dunwoody Village branch will provide a convenient location for these existing and future customers to access our bank," Jim Pope, KeyWorth's president and chief executive, said in a press release.
Alston & Bird advised KeyWorth. Banks Street Partners and Womble Carlyle Sandridge & Rice advised Signature. The banks expect to complete the transaction in the fourth quarter.