Community & Southern, an Atlanta banking company, is acquiring Alliance Bancshares in its second bank purchase in recent months.
Alliance National Bank has two branches, one each in Dalton and Cumming. The acquisition will make Community & Southern Bank the largest community bank in Dalton, CEO Pat Frawley said in a statement. At the end of the first quarter, Alliance National had about $157 million in total assets, $92 million in loans and $130 million in deposits.
The deal, for $13.60 a share, is expected to close by the third quarter.
In September, Community & Southern bought Verity Capital Group, which owned the two-branch Verity Bank, for $11.80 a share.
Bank acquisitions have picked up in recent months. Last week, Georgia marked its first full year without a bank failure since the banking crisis began. It still leads the country with 87 bank failures.
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