Published on August 31st, 2016 |0
Private Bank of Buckhead sold to Alabama-based National Commerce Corp.
The Atlanta-based bank will continue to operation as Private Bank of Buckhead, according to the Birmingham Business Journal, but will merge into National Commerce Corp.
Georgia’s Private Bancshares has been the holding company for Private Bank of Buckhead. The bank also operates the Private Bank of Decatur and PrivatePlus Mortgage.
When completed, the merger will create a company with about $2 billion in assets.
Before the transaction, Private Bank reported $291 million in total assets, $264 million in net loans and $253 million in total deposits.
Richard Murray, president and chief operating officer of NCC, said the agreement helps solidify NCC’s footprint in the Atlanta market.
“Mike Holcomb and the rest of our Atlanta team are excited about this opportunity to partner with Private Bancshares, as it will give them additional strength and momentum in the market,” he said.
The acquisition is just the latest deal for National Commerce (Nasdaq: NCOM), which previously acquired Reunion Bank of Florida and Orlando-based United Legacy Bank.
Under the terms of the agreement, each share of common stock of Private Bancshares issued and outstanding immediately prior to the effective time of the transaction will be converted into the right to receive either 0.85417 shares of NCC common stock or cash in the amount of $20.50.