ATLANTA, May 20 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB) and
Bank Atlanta today jointly announced the execution of a definitive agreement
providing for the acquisition by Premier Bancshares of all of the outstanding
shares of stock of Bank Atlanta. The value of the transaction is
approximately $18.1 million based on the closing price of Premier Bancshares
common stock yesterday. Bank Atlanta shareholders will receive 1.25 shares of
Premier common stock for each share of Bank Atlanta common stock.
Bank Atlanta is a state-chartered community bank in Decatur, Georgia,
originally organized in 1987, with assets of approximately $80 million. Bank
Atlanta is an active small business lender with a strong presence in the
vibrant Decatur/East Atlanta market.
Premier Bancshares Chairman and Chief Executive Officer, Darrell D.
Pittard, said, "The acquisition of Bank Atlanta provides us with an excellent
foothold in the fast growing Decatur market area. Through Premier's products,
services, and management, we hope to build on Bank Atlanta's success and loyal
customer base. This acquisition meets all of the criteria we consider
important and will help us fulfill our goals of continuing to enhance
shareholder value and better serve our customers."
William Zachary, Jr., Chairman of the Board of Bank Atlanta, said, "We are
pleased with the opportunity afforded our customers and shareholders by
combining with Premier Bancshares. We are confident that the additional
resources made available by this combination will give us the ability to
compete effectively with regional banks and other large financial institutions
operating in the greater Atlanta market."
Last month, Premier Bancshares also executed a definitive agreement to
acquire North Fulton Bancshares, Inc. and a definitive agreement to acquire
Farmers and Merchants Bank. 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. Farmers and Merchants Bank is a community bank in Summerville, Georgia,
originally organized in 1926, with assets of approximately $170 million.
These two acquisitions, and the acquisition of Bank Atlanta, are all subject
to regulatory approval and the approval of the shareholders of North Fulton
Bancshares, Farmers and Merchants Bank, and Bank Atlanta, respectively. All
three acquisitions are expected to close by the end of this year.
Premier Bancshares is a Georgia-based bank holding company with assets of
approximately $1.6 billion; and, after pending acquisitions, Premier
Bancshares will have assets of approximately $2.0 billion and will have the
following subsidiaries operating in more than 40 locations: Premier Bank in
metro Atlanta, Milledgeville, and Greensboro, Georgia, and in St. Simons
Island, Georgia through its Frederica division; Milton National Bank in
Roswell, Georgia, and in Atlanta through its division, The Buckhead Bank,
Farmers and Merchants Bank in Summmerville, Georgia; Bank Atlanta in Decatur,
Georgia; and Premier Lending Corporation, a provider of residential mortgage
loans and asset-based commercial finance loans, in metro Atlanta, Augusta,
Warner Robins, and St. Simons Island, Georgia; Mobile, Alabama; Jacksonville,
Florida; Chattanooga, Tennessee; Charleston, South Carolina; and Charlotte,
North Carolina.
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 PMB-PR, respectively. Additional financial
information regarding Premier 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. and Bank Atlanta
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Related links:
http://www.premierbancshares.com
Company News On-Call:
http://www.prnewswire.com/comp/283325.html or fax,
800-758-5804, ext. 283325
CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer of Premier Bancshares, Inc., 404-814-3090, or
James B. Hendry, Jr., President of Bank Atlanta, 404-320-3300
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