ATLANTA, April 6 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB) and
North Fulton Bancshares, Inc. today jointly announced the execution of a
definitive agreement providing for the acquisition by Premier Bancshares of
all the outstanding shares of stock of North Fulton Bancshares. The value of
the transaction is approximately $38.5 million based on the closing price of
$20 per share for Premier Bancshares' common stock yesterday.
North Fulton Bancshares is a holding company with assets of approximately
$191 million and owns Milton National Bank in Roswell, Georgia, which also
operates in Atlanta through its division, The Buckhead Bank. Milton National
Bank is active in consumer, mortgage, and commercial lending and equipment
leasing. The preceding two fiscal years Milton National Bank was the largest
SBA lender, in terms of aggregate loan volume, in the State of Georgia.
Premier Bancshares is a Georgia-based bank holding company with assets of
approximately $1.6 billion; and, after pending consolidations, Premier
Bancshares will have the following subsidiaries operating in 40 offices:
Premier Bank in metro Atlanta, Milledgeville and Greensboro, Georgia, and St.
Simons Island, Georgia through its Frederica division; Milton National Bank in
Roswell, Georgia, and Atlanta through its division, The Buckhead Bank; and
Premier Lending Corporation, a provider of residential mortgage loans and
asset-based commercial finance loans in metro Atlanta, Augusta, Warner
Robbins, and St. Simons Island, Georgia; Mobile, Alabama; Jacksonville,
Florida; Chattanooga, Tennessee; Charleston, South Carolina; and Charlotte,
North Carolina.
The acquisition, which is subject to regulatory approval and the approval
of the shareholders of North Fulton Bancshares, is expected to close in the
third quarter of this year.
Premier Bancshares' Chairman and Chief Executive Officer, Darrell D.
Pittard, said, "The acquisition of North Fulton Bancshares with its presence
through Milton National Bank and The Buckhead Bank in the Buckhead, north
Atlanta, and north Fulton County markets is a perfect fit for us. North
Fulton Bancshares and its banking operations bring experienced and exceedingly
capable management and a loyal customer base. This acquisition meets all of
the criteria we consider important and will help our company better serve our
customers and enhance shareholder value."
Grant R. Essex, President of North Fulton Bancshares and Milton National
Bank, said, "We are excited about our combination with Premier Bancshares.
Premier Bancshares provides us with more resources, products, and capital, and
with the ability to compete effectively with regional banks and other larger
financial services companies operating in our markets. And we believe we add
significant value, through our management, staff, and customers, to the
successful financial services company Premier Bancshares has already built."
Both the common stock of Premier Bancshares, Inc. and the preferred
securities of Premier Capital Trust I are traded on the American Stock
Exchange under the symbols PMB and PMBPR, respectively. Additional financial
information regarding Premier Bancshares, Inc. and its acquisition of North
Fulton Bancshares, Inc. is available from Michael E. Ricketson, Executive Vice
President and Chief Financial Officer of Premier Bancshares, Inc., at
770-476-3209.
With the exception of historical information, the matters discussed in
this news release are forward-looking statements that involve risks and
uncertainties.
SOURCE Premier Bancshares, Inc.
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Related links:
http://www.premierbancshares.com
CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer of Premier Bancshares, Inc., 404-814-3090, or
Grant R. Essex, President of North Fulton Bancshares, Inc.,
770-740-2901
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