SunTrust Banks Inc. said Friday it agreed to acquire GB&T Bancshares Inc. for about $153.7 million in stock.
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The Atlanta banking company said GB&T shareholders will receive 0.1562 shares of SunTrust common stock for each share of GB&T common stock held.
The acquisition, which is subject to approval by regulatory authorities and GB&T shareholders, is expected to close in the second quarter of 2008.
SunTrust said it expects the transaction to be immaterial to 2008 earnings.
GB&T Bancshares, a Gainesville, Ga., bank holding company, had total assets at Sept. 30 of about $2 billion. SunTrust had total assets of $175.9 billion as of Sept. 30.
