ATLANTA, July 2 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
completed the acquisition of The Bank Holding Company (BHC). Each share of
BHC common stock issued and outstanding was converted into and exchanged for
the right to receive 3.90 shares of Premier Bancshares common stock. In
addition, each share of BHC preferred stock was exchanged for one share of
Premier Bancshares Preferred Stock. Holders of BHC stock options received
options to purchase Premier common stock in exchange for their BHC stock
options.
On July 1, 1998, Premier Bancshares announced the consummation of the
merger with Button Gwinnett Financial Corporation in Lawrenceville, Georgia,
with assets of $232 million.
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 $1.3 billion and subsidiaries having 41 offices located
throughout the Southeast.
Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, Inc. said, "With the growth being experienced by Henry and
Spalding counties, we feel that this market will provide us with not only a
presence in south metro Atlanta, but also with a foundation for additional
growth. With the addition of these three new branch offices, we will now have
strategically located banking offices to complement our existing Premier
Lending mortgage loan offices."
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, 404-814-3090
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