trending Market Intelligence /marketintelligence/en/news-insights/trending/Bl29_Pu3m-1ZmnaW03mhgw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Georgia-based First Covenant Bank completes merger with First Century Bank

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


Georgia-based First Covenant Bank completes merger with First Century Bank

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.