Georgia Commerce Bancshares is buying Brookhaven Bank in a deal that will make Georgia Commerce Bank into a $1 billion entity.
It is the third merger between healthy banks since the end of August. Mark Tipton, chairman and CEO of Georgia Commerce Bank, said he expects more such mergers, and that Georgia Commerce is in the market to buy others.
The Brookhaven purchase pushes Georgia Commerce to nine branches. Terms of the deal were not disclosed, but the deal has been approved by the boards of both companies and is expected to close by the end of the year.
Brookhaven Bank opened its first branch in 2007. At the end of June, it had $178.6 million in assets, including $112.3 million in loans and $146.2 million in deposits.
Georgia Commerce Bank opened in 2003. It had $784.7 million in assets at the end of June.
In August, Hamilton State Bank announced its plans to buy Cherokee Bank for about $10 million. Community & Southern Holdings bought Verity Capital Group and Verity Bank for $11.80 a share in September.
