Fidelity Bank acquired The Bank Of Georgia from Georgia Bancshares Inc..
October 01, 2015
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Fidelity Bank acquired substantially all the assets and liabilities of The Bank Of Georgia from Georgia Bancshares Inc. (OTCPK:GABA) on October 2, 2015. To settle the transaction, the FDIC made a cash payment to the Bank totaling $41.3 million, based on the differential between liabilities assumed and assets acquired. Under the terms of the agreement, Fidelity Bank acquired approximately $255 million in assets, including approximately $162 million in loans, and assumed approximately $280 million in customer deposits. As of June 30, 2015, The Bank of Georgia reported approximately $295 million in total assets and $280 million in total deposits. Three of the Bank of Georgia locations will open as normal on October 3, 2015, and the remaining four locations will open on October 5, 2015. The holding company was not included in the closing of the bank or the resulting receivership. Joshua Christie of FDIC acted as receiver for The Bank Of Georgia. Matthew Veneri and Lozan Aleksandrov of FIG Partners acted as financial advisors for Fidelity Bank. James Stevens, Brendan Thomas and Kevin Coleman of Troutman Sanders LLP acted as legal advisors to Fidelity Southern.
Fidelity Bank completed the acquisition of substantially all the assets and liabilities of The Bank Of Georgia from Georgia Bancshares Inc. (OTCPK:GABA) on October 2, 2015.
Georgia Bancshares, Inc. is a holding company for The Bank of Georgia (the Bank). The Bank conducts a community-oriented commercial and retail banking business focusing on the needs of individuals, small to medium-sized businesses and non-profits. The Bank offers personal banking and business banking services. The Bank's personal and business banking services include deposit accounts, certificate of deposits, individual retirement accounts, consumer and commercial loans, home mortgages, safe deposit boxes, automated teller machines (ATM's), individual and business check cards, Internet and mobile banking, bill pay services, online account opening, commercial cash management services and remote deposit capture, among others.