Cobb Reporter

Georgia Banking Company, Inc. (GBC) and Primary Bancshares Corporation (PBC) have announced a merger agreement in a deal valued at approximately $27 million. Under the agreement, PBC will merge with and into GBC through a combination of stock and cash.

Georgia Primary Bank, based in Atlanta, Georgia, is part of PBC and has assets totaling $352 million as of September 30, 2024. The bank operates two branches located in Fulton and Forsyth Counties.

The merger aims to enhance the combined bank's scale and presence across metro Atlanta. The new entity is expected to have pro forma deposits amounting to $2 billion, total assets of $2.4 billion, and gross loans also totaling $2 billion as of September 30, 2024. This positions the merged bank among the top three deposit market shares for banks headquartered in the Atlanta metropolitan statistical area (MSA).

Bartow Morgan, Jr., CEO of GBC and Georgia Banking Company stated: "The merger with Georgia Primary Bank marks a significant milestone for Georgia Banking Company. Our market presence will be strengthened with this strategic move which aligns with our vision of expanding our franchise to better serve the metro Atlanta community."

David Coxon, CEO of PBC and Georgia Primary Bank added: "Partnering with GBC was not a difficult decision. We share the same values that are driven by our commitment to our customers and employees."

PBC shareholders will receive an aggregate transaction value of $27 million in stock and cash under the terms outlined in the merger agreement. H. Boyd Pettit III and Mark A. Scheinfeld from PBC will join GBC's Board of Directors.

The boards from both companies have unanimously approved the merger agreement. The completion remains subject to customary closing conditions including regulatory approvals and approval by PBC shareholders. The transaction is anticipated to close within the first half of 2025.

Evercore Inc., along with Troutman Pepper served as financial advisor and legal counsel respectively for GBC during this transaction while Performance Trust Capital Partners provided financial advisory services for PBC with Nelson Mullins Riley & Scarborough LLP serving as their legal counsel.