Following overwhelming approval by stockholders of both organizations and final regulatory approval, First National Bank of the South will become GB&T Bancshares' fifth affiliate bank, effective with the close of business on Friday.
GB&T Bancshares will then have five community banks with twenty offices located in eight Georgia counties, plus a consumer finance company with eight offices located throughout north Georgia. With the addition of the $127-million asset First National Bank of the South, GB&T Bancshares assets will total approximately $900-million.
When the announcement of the merger was first made in April, GB&T Bancshares President and CEO Richard Hunt noted that shareholders of Baldwin Bancshares would receive 2.895 shares of GB&T Bancshares stock in exchange for each share of Baldwin Bancshares stock. He added that the transaction should be accretive to GB&T Bancshares earnings within one year from the merger.
"We are excited to welcome First National Bank of the South into the GB&T Bancshares family," added Hunt. "Chat Daniel, President and CEO, and his team will continue to operate their bank as a community bank serving Milledgeville and Lake Oconee. Their commitment to a high level of customer service is a trademark of all the banks in our company, and I can assure you that customer service will continue to be a focus at First National Bank of the South."
Daniel commented "Our employees are looking forward to being a part of an organization like GB&T Bancshares that places a high value on its employees and its customers. We did our research before agreeing to join their company, and believe me, GB&T Bancshares' commitment to community banking is sincere."
Philip Wilheit, Chairman of the Board of GB&T Bancshares, added, "First National Bank of the South positions our company in another growth area in Georgia, which is in keeping with our company's growth initiative."
"In the counties in which we operate in Georgia, the population increased 58.55% from 1990 through 2002 and it is projected to grow at a rate of 14.32% between now and 2007," Wilheit added. "That's significantly ahead of both the state and nation's numbers."
http://accesswdun.com/article/2003/8/173892