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PrimeSouth Bancshares inks deal for Atlantic National Bank

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PrimeSouth Bancshares inks deal for Atlantic National Bank

In Georgia, Waycross-based PrimeSouth Bancshares Inc. agreed to acquire Brunswick-based Atlantic National Bank.

The terms of the deal were not disclosed. However, SNL data shows that offers for bank and thrift targets in the Southeast between March 27, 2016, and March 27, 2017, averaged 138.63% of book, 146.10% of tangible book and had a median of 20.23x last-12-month earnings, on an aggregate basis.

Atlantic National Bank, a unit of Atlantic National Corp., will merge with and into PrimeSouth Bancshares unit PrimeSouth Bank, according to a press release. The deal is expected to close in the third quarter.

As of Dec. 31, 2016, PrimeSouth Bancshares had $373.3 million in assets, almost the same as its parent, Jones Bancshares LP. Atlantic National Bank had $165.1 million in assets as of Dec. 31, 2016.

Upon deal completion, PrimeSouth Bank will have around $550 million in assets, $480 million in deposits, and $350 million in loans. Jones Bancshares will expand in Glynn County, Ga., by three branches, where it will rank fifth with a 10.09% share of approximately $1.68 billion in total market deposits.

James Bates Brannan & Groover LLP acted as legal adviser to PrimeSouth Bank. Hovde Group LLC, led by Joe Morton and Clark Locke, acted as financial adviser to Atlantic National Bank, while Smith Mackinnon PA acted as its legal adviser.

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