Atlanta's Premier Bancshares has a deal to buy Farmers and Merchants Bank in Summerville, Ga., for $56 million of stock. It is the second such agreement announced this month.
Farmers and Merchants, with $173 million of assets, has four branches west of Atlanta. The company holds 75% of the deposits in its home base of Chattooga County.
The deal gives Premier "a quality community bank with high market share and excellent management," said Darrell D. Pittard, chairman and chief executive officer of the $1.5 billion-asset company.
On April 6, Premier agreed to buy North Fulton Bancshares in Roswell, Ga., for $38.5 million. Both deals are expected to close in the third quarter.