GAINESVILLE, Ga. - Metro Bancorp of Douglasville, Ga., said it signed a definitive agreement to merge with First National Bancorp in a deal worth between $4.9 million and $7 million.
Metro said the amount paid at closing, expected in early 1994, depends on its success in resolving some problem loans.
The companies signed a letter of intent for the merger on Aug. 18, Metro said.
The merger is subject to ratification by Metro's shareholders and approval by regulators. Metro is the parent of Commercial Bank, Douglasville, which has $135 million of assets.