First Landmark Bank will acquire Midtown Bank & Trust Co., both metro Atlanta banking companies announced Monday.
The deal, which the banks call a merger of equals, will create banks under three brands: First Landmark Bank, Midtown Bank and Bank of Sandy Springs.
The merger was announced the same day Atlanta-based State Bank Financial Corp. announced it was acquiring Bank of Atlanta and its parent for $25 million.
First Landmark and Midtown did not provide a value for their deal. On a pro forma basis, the combined company will have about $411 million in assets.
Terry DeWitt, president and CEO of First Landmark, said the combined company, which will have nearly 80 employees, will “create a strong franchise with substantial prospects for future growth.”
First Landmark’s shareholders will own 52.25 percent of the combined company’s stock and Midtown Bank’s shareholders will own 47.75 percent.
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