Commerce, Ga.-based First Covenant Bank completed its merge with Gainesville, Ga.-based First Century Bank NA, a unit of First Century Bancorp.

The parties announced the execution of a definitive agreement in September, and the merger received all required regulatory and shareholder approvals in November, according to a news release.

As earlier announced, under the deal terms, First Covenant Bank shareholders, other than non-accredited shareholders who own less than 4,000 shares that receive cash, receive 0.002873 of a First Century Bancorp. common share for each First Covenant Bank common share. This equates to a per-share value of $9.15 for First Covenant Bank shareholders and an aggregate transaction value of about $22 million.

The surviving bank will remain a unit of First Century Bancorp. and will continue to operate as a national bank under the First Century Bank NA name. The consolidated bank has total assets of about $284 million, loans of approximately $49 million and deposits of roughly $245 million.

William Blanton will remain chairman and CEO of First Century Bancorp. and First Century Bank. The other officers of the two entities, many of whom also served as First Covenant Bank officers, will also continue in their roles.

Upon completion of the merger, the First Century Bancorp. board consists of Blanton, four additional First Century Bancorp. directors and three former First Covenant Bank directors. First Century Bank's board consists of Blanton, six additional directors of First Century Bank and two former First Covenant Bank directors.

FinPro Capital Advisors Inc. provided a fairness opinion, and Nelson Mullins Riley & Scarborough served as legal counsel to First Century Bancorp. and First Century Bank in connection with the merger. Janney Montgomery Scott LLC provided a fairness opinion, and Troutman Sanders LLP served as legal counsel to First Covenant Bank.