COLUMBUS, Ga. - Synovus Financial Corp. signed a letter of intent to purchase Citizens and Merchants Corp. of Douglasville, Ga., in a stock swap valued at $12.3 million.

Citizens and Merchants is the holding company for Citizens and Merchants State Bank, which has $47 million of assets and the fifth-ranked deposit market share in Douglas County.

Synovus said it expects the deal to add to its earnings pershare next year. The transaction is scheduled to be completed in the first half of 1995, pending approval by regulators and Citizens and Merchants' shareholders.

Synovus, which has $5.9 billion of assets, has been an active acquirer of community banks in Georgia, Florida, and Alabama. Citizens and Merchants will become its 33d affiliate bank.

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