National Commerce in Birmingham, Ala., has agreed to buy Landmark Bancshares in Marietta, Ga.

The $3.1 billion-asset National Commerce said it will pay $115.2 million in cash and stock for the $572 million-asset Landmark. The deal, which is expected to close in the third quarter, priced Landmark at 212% of its tangible book value.

First Landmark “is a great fit for us and our existing Atlanta operations, and we think it is a great opportunity for our two teams to combine and grow together,” Richard Murray IV, National Commerce’s president and CEO, said in a press release Tuesday.

First Landmark will retain its brand and management team, including CEO Stan Kryder, after the deal closes.

National Commerce plans to cut about a quarter of Landmark's annual noninterest expense. The company expects to incur $5.7 million in merger-related expenses.

National Commerce said it expects "low single-digit" accretion to its earnings per share after cost savings are realized. It should take about two and a half years for National Commerce to earn back the expected 2.5% dilution to its tangible book value.

The agreement comes about a month after National Commerce announced a deal to buy Premier Community Bank of Florida in Bradenton. The company also completed its purchase of FirstAtlantic Financial in the first quarter.

Stephens and Maynard, Cooper & Gale advised National Commerce. Sandler O’Neill and Bryan Cave Leighton Paisner advised Landmark.

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