ATLANTA, July 1 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
completed the acquisition of Button Gwinnett Financial Corporation ("Button
Gwinnett"). Each share of Button Gwinnett common stock issued and outstanding
was converted into and exchanged for the right to receive 3.885 shares of
Premier Bancshares common stock. Holders of Button Gwinnett stock options
received options to purchase Premier common stock in exchange for their Button
Gwinnett stock options.
Premier Bancshares is a multi-bank holding company headquartered in
Atlanta, Georgia, with total assets as of the completion of this transaction
of in excess of $1.2 billion and subsidiaries having 38 offices located
throughout the Southeast.
Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, Inc. said, "We are excited about the business opportunity that
Button Gwinnett brings Premier since for the past several years it has ranked
among the highest performing community banks in the United States. Our newly
acquired subsidiary, The Bank of Gwinnett, will merge into our Atlanta-based
Premier Bank during the fourth quarter of 1998 and complement our existing
mortgage and banking offices in Gwinnett county."
Glenn S. White, who will become President of Premier Bank, said, "This
merger will allow Premier to consolidate overlapping branches and obtain
additional operating cost savings. Premier will have the largest community
bank in Gwinnett county, and be Metro Atlanta's largest community bank holding
company."
SOURCE Premier Bancshares, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 283325
CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer or Michael E. Ricketson, Executive Vice
President, Premier Bancshares, Inc., 404-814-3090
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