ATLANTA, Feb. 4 /PRNewswire/ -- Premier Bancshares, Inc. (AMEX: PMB)
(formerly known as First Alliance/Premier Bancshares, Inc.) and Central and
Southern Holding Company (Nasdaq: CSBC) today jointly announced that they have
executed a definitive agreement to merge the two bank holding companies,
creating a company with combined assets at December 31, 1996, of approximately
$520,000,000.
    As outlined in the definitive agreement, Premier Bancshares Inc. will
undertake a 1.8 for one stock split prior to the consummation of the merger,
after which shares of Central and Southern Holding Company will be exchanged
on a one for one basis for shares of Premier Bancshares.  This transaction
will result in Central and Southern shareholders receiving approximately
46% of the combined institution's 7,903,000 common shares outstanding.
    Premier Bancshares, Inc. is a bank and thrift holding company with four
subsidiaries serving the greater metropolitan Atlanta area: First Alliance
Bank, the largest community bank in Cobb County with five offices; Premier
Bank with three offices in Cobb, DeKalb, and Gwinnett Counties; Premier
Lending, the third largest mortgage lender in metropolitan Atlanta with six
mortgage offices in Cobb, DeKalb, Gwinnett and Henry Counties, and a sizable
commercial finance division located in Fulton County; And Alliance Finance, a
consumer finance company with two offices in Cobb and Paulding Counties.
First Alliance Premier Bancshares was traded on the Nasdaq Small Cap Market
under the trading symbol "FABC" until January 10, 1997, when the stock moved
to the American Stock Exchange and assumed the trading symbol "PMB".
Effective today, February 4, 1997, the name of First Alliance Premier
Bancshares, Inc. changed to Premier Bancshares, Inc.
    Central and Southern Holding Company is a bank and thrift holding company,
headquartered in Milledgeville, Georgia, with two subsidiaries: The Central
and Southern Bank of Georgia, the largest bank in Baldwin County, with three
offices in Milledgeville; and The Central and Southern Bank of North Georgia,
FSB, with three offices in Greensboro, Winder, and Gainesville, Georgia.
Central and Southern is traded in the over-the-counter market under the symbol
"CSBC" and is listed in the Nasdaq National Market Issues.
    Upon consummation of the merger, J. Edward Mulkey, Jr., President and
Chief Operating Officer of Premier Bancshares, will assume the role as Vice
Chairman of the holding company and will continue as President and CEO of
Premier Bank.  Robert C. Oliver, President of Central and Southern Holding
Company will be elected President and Chief Operating Officer of Premier
Bancshares upon completion of the merger.  Oliver will also remain as
President of The Central and Southern Bank of Georgia.  Darrell D. Pittard
will continue as Chairman and Chief Executive Officer of Premier Bancshares
following the merger with Central and Southern Holding Company.
    Consummation of the merger is anticipated in the second quarter of 1997
and remains subject to the approval of regulatory authorities and stockholders
of both organizations.  Additional financial information may be obtained from
Frank H. Roach, Chief Financial Officer of Premier Bancshares, at
404-814-3090, or from Michael Ricketson, Chief Financial Officer of Central
and Southern Holding Company, at 912-452-5406.
    NOTE:  First Alliance/Premier Bancshares, Inc. Changes Name to Premier
Bancshares, Inc.

Link to this page: