United Bank in Zebulon, Ga., has agreed to acquire Monroe County Bank in Forsyth, Ga.
United and Monroe did not disclose terms of the deal. The banks expect the acquisition to close in the third quarter, after receiving regulatory approval.
The acquisition would give $1 billion-asset United its first branch in Macon, the largest city in central Georgia. It would be United's first acquisition since 2010, when it bought the failed First National Bank of Barnesville in Georgia from the Federal Deposit Insurance Corp. It also bought failed banks in 2008 and 2009 and its last acquisition of an open bank was in 1997, according to the FDIC.
The $97 million-asset Monroe was founded in 1908 and has two branches, in Macon and Forsyth.
The deal is the latest in a string of acquisitions involving Georgia community banks this year, the most recent being Community & Southern Holdings' agreement to buy Alliance Bancshares in Dalton, Ga.
Alston & Bird was legal counsel to United. Demarest Strategy Group was financial adviser to Monroe and Troutman Sanders gave it legal counsel.