A group of private investors applied with the Federal Deposit Insurance Corp. to acquire 61% of Barwick Banking Co.
After deal closing, the group plans to have the Barwick, Ga.-based community bank conduct a common stock offering to raise additional capital. The investors will then allow those who participated in the offering to buy common shares from existing Barwick Banking shareholders. The shareholders can opt not to sell their holdings.
Barwick Banking's board will increase to 11 directors from five as a result of the deal, according to the filing. All six new directors are part of the investor group applying to buy the bank. There will also be changes in the bank's executive management, which includes James Bange replacing Fred Jones as CEO.
The bank had total assets of $12.7 million as of June 30, according to S&P Global Market Intelligence. The application states the bank had $1.2 million of net loans and $11.7 million of deposits as of June 30.
Previously, an investor group named Southeast LLC acquired a 61% stake in Barwick Banking.
