Community Bankers Trust (ESXB) in Glen Allen, Va., has agreed to sell its Georgia operations to Community & Southern Holdings in Atlanta.
Community & Southern will pay $5.2 million for four Georgia branches, a slight discount to the properties' book value, along with a 1.33% premium for roughly $192 million of deposits, the companies said Monday. Community Southern can renegotiate the deposit premium if the deposit total decreases by more than $10 million before the transaction's expected fourth quarter completion. Community Bankers will retain the loans.
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