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2 Ga. banks strike all-stock deal

Adairsville, Ga.-based NorthSide Bancshares Inc. is merging with and into Chatsworth, Ga.-based First Chatsworth Bankshares Inc. in an all-stock transaction.

Specific terms of the deal were not disclosed.

SNL valuations for bank and thrift targets in the Southeast region between Jan. 11, 2018, and Jan. 11, 2019, averaged 157.86% of book, 168.76% of tangible book and had a median of 25.73x last-12-months earnings, on an aggregate basis.

As part of the deal, NorthSide Bancshares unit NorthSide Bank will merge with and into First Chatsworth Bankshares unit First National Community Bank.

The deal is expected to close in the second quarter. The combined organization will have assets of about $300 million and deposits of $250 million, according to the merger release.

Larry Flowers, president and CEO at NorthSide Bancshares and NorthSide Bank, will assume those roles for both First Chatsworth Bankshares and First National Community Bank following the transaction.

NorthSide Bancshares was advised by Olsen Palmer LLC and law firm Alston & Bird LLP, while First Chatsworth Bankshares was advised by law firm James Bates Brannan Groover LLP.

First Chatsworth Bankshares will enter Bartow County, Ga., with two branches to be ranked 10th with a 5.97% share of approximately $1.29 billion in total market deposits and will enter Gordon County, Ga., with one branch to be ranked 8th with a 4.16% share of approximately $788.3 million in total market deposits.

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