ATLANTA, Dec. 11 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
reported that its acquisition of Citizens Gwinnett Bankshares will be complete
on December 12, 1997.  Each share of Citizens Gwinnett Bankshares common stock
will be exchanged for 8 shares of Premier Bancshares common stock.  The value
of the transaction, based on the closing price of Premier Bancshares common
stock on December 11, 1997, is $44,178,919.
    Premier Bancshares, Inc., is a bank and thrift holding company with
five subsidiaries operating 33 offices including: Premier Bank, with
ten offices in north metro Atlanta; Central and Southern Bank of Georgia, with
three offices in Milledgeville, Georgia; Central and Southern Bank of North
Georgia, FSB, with three offices in Gainesville, Greensboro, and Winder,
Georgia; Citizens Bank of Gwinnett with four offices in the north Atlanta
suburban Gwinnett County: and Premier Lending Corporation, a provider of
residential mortgage loans and asset-based commercial finance loans, with
ten offices in the greater metro Atlanta area and three regional satellite
offices in Mobile, Alabama, Jacksonville, Florida, and Charleston, South
Carolina.
    Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, said, "The Citizens Bank of Gwinnett subsidiary will merge into
our Atlanta-based Premier Bank during the spring of 1998, as will Winder and
Gainesville offices of Central and Southern Bank of North Georgia, FSB in
January of 1998."
    Last week Premier Bancshares announced that it had executed a definitive
agreement to acquire The Bank Holding Company, a privately held two bank
holding company headquartered in McDonough, Georgia.  This transaction is
expected to close in the second quarter of 1998.

Link to this page: