ATLANTA, Oct. 27 /PRNewswire/ -- Premier Bancshares, Inc. (NYSE: PMB)
completed the acquisition of Bank Atlanta, with assets in excess of
$80 million. Each share of Bank Atlanta common stock issued and outstanding
was converted into and exchanged for the right to receive 1.4375 shares of
Premier Bancshares' common stock.
Premier Bancshares is a Georgia-based bank holding company with assets of
approximately $1.8 billion. After a pending acquisition, Premier Bancshares
and subsidiaries will have assets of approximately $2 billion and will be
operating in 40 offices.
On July 28, 1999, Premier Bancshares announced that it would merge with
BB&T Corporation (NYSE: BBT) by a tax-free exchange of stock. The definitive
merger agreement fixes the exchange ratio at .5155 BB&T share for each Premier
share. When the merger is completed early in the first quarter of 2000, BB&T
will have the sixth largest share of deposits in metropolitan Atlanta and the
eighth largest bank operating in the State of Georgia.
Both the common stock of Premier Bancshares, Inc. and the preferred
securities of Premier Capital Trust I are traded on the New York 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.
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Related links:
http://www.premierbancshares.com
CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer, 404-814-3090, or Michael E. Ricketson,
Executive Vice President and Chief Financial Officer,
770-476-3209, both of Premier Bancshares, Inc.
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