Piedmont Bancorp looks to add scale around Atlanta with WestStar purchase
Piedmont Bancorp in Peachtree Corners, Ga., has agreed to buy WestSide Bank in Hiram, Ga.
The $1.3 billion-asset Piedmont said in a press release Monday that it expects to buy the $172 million-asset WestSide in late 2020 or early 2021. Piedmont did not disclose the price it will pay.
“As we have grown organically and through acquisition, our goal has been to remain a trusted resource for consumers and businesses,” Monty Watson, Piedmont’s chairman and CEO, said in the release.
“Piedmont and WestSide share a similar commitment to serving our customers and shareholders, with the best bankers in our respective communities,” Watson added. “We believe this is an exceptional opportunity to add the talented WestSide bankers to our team and to enhance our footprint in metro Atlanta.”
“We believe this combination will allow us to serve our existing customers more fully and will open opportunities to reach a much broader part of our community. We look forward to a bright future together,” Ford Thigpen, WestSide’s president and CEO, said in the release.
Piper Sandler and Alston & Bird advised Piedmont. Burke Group and Miller and Martin advised WestSide.