Appalachian Bancshares Inc. in Ellijay, Ga., has cut another deal to exchange its subordinated debt for common shares.

The $1.2 billion-asset company said Tuesday in a filing with the Securities and Exchange Commission that it exchanged $1.1 million of fixed-rate subordinated notes for 2.2 million shares of common stock in a deal with seven investors, including one board member. In a similar deal in October with seven board members, the company exchanged $3 million of the debt for 6 million shares.

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