ATLANTA, Dec. 17 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
completed the acquisition of Frederica Bank & Trust ("Frederica"). Each share
of Frederica common stock issued and outstanding was converted into and
exchanged for the right to receive 2.10 shares of Premier Bancshares common
stock. Holders of Frederica stock options received options to purchase
Premier common stock in exchange for their Frederica 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 approximately $1.4 billion and subsidiaries operating over 40 offices
throughout the Southeast.
Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, Inc. said, "The addition of Frederica Bank & Trust to Premier
Bancshares, Inc. will give Premier an initial presence in the Coastal Georgia
market. Like our primary market, Metro Atlanta, Coastal Georgia is a vibrant
economic market that has a high potential for continued growth. Frederica
will operate as a wholly-owned subsidiary of Premier Bancshares with Rod Lueth
serving as its President and Chief Executive Officer. Under Rod's leadership,
Frederica has performed well garnering approximately 25% of the area's
deposits."
On October 23, 1998, Premier Bancshares, Inc. declared a quarterly cash
dividend of $.09 per share payable on November 12, 1998 to shareholders of
record as of November 2, 1998.
On October 19, 1998, the Company reported net earnings of $4,709,000 or
$0.19 per share for the quarter ended September 30, 1998. This compares to
third quarter earnings of $5,031,000 or $0.20 per share for the same period in
1997. Included in the net earnings were non-recurring merger related expenses
of $2.3 million associated with recent acquisitions which were partially
offset by a pre-tax gain of $1.1 million on the sale of securities. Net
income, excluding after-tax merger expenses, for the third quarter was
$6,244,000 or $0.25 per share versus $0.21 per share excluding merger expenses
for the same quarter in 1997. All financial results have been restated for
the acquisitions of Button Gwinnett Financial Corporation and The Bank Holding
Company which closed during the third quarter.
Year to date the Company reported earnings of $16,405,000 or $0.65 per
share. This represents a 19.9% increase in per share income over the nine
month period ended September 30, 1997, of $13,686,000 or $0.55 per share.
SOURCE Premier Bancshares, Inc.
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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, or Michael E. Ricketson, Executive Vice
President, Premier Bancshares, Inc., 404-814-3090
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