Community bank merger activity heated up in the South last week with proposed transactions that would give Georgia and Arkansas new billion- dollar-asset institutions.

Century South Banks, Gainesville, Ga., has agreed to buy Macon-based Bank Corporation of Georgia in a stock deal valued at about $60 million. The combined company would top $1 billion of assets and have 34 branches from Copperhill, Tenn., to Savannah, Ga.

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