DEFINITIVE AGREEMENT EXECUTED--PREMIER BANCSHARES, INC. TO
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ACQUIRE NORTH FULTONBANCSHARES, INC.
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ATLANTA, APRIL 6/PR NEWSWIRE/-- Premier Bancshares, Inc. [Amex:PMB] and North
Xxxxxx Bancshares, Inc. today jointly announced the execution of a definitive
agreement providing for the acquisition by Premier Bancshares of all the
outstanding shares of stock of North Xxxxxx Bancshares. The value of the
transaction is approximately $38.5 million based on the closing price of $20 per
share for Premier Bancshares' common stock yesterday.
North Xxxxxx Bancshares is a holding company with assets of approximately $191
million and owns Xxxxxx National Bank in Roswell, Georgia, which also operates
in Atlanta through its division, The Buckhead Bank. Xxxxxx National Bank is
active in consumer, mortgage, and commercial lending and equipment leasing. The
preceding two fiscal years Xxxxxx National Bank was the largest SBA lender, in
terms of aggregate loan volume, in the State of Georgia.
Premier Bancshares is a Georgia-based bank holding company with assets of
approximately $1.6 billion; and, after pending consolidations, Premier
Bancshares will have the following subsidiaries operating in 40 offices:
Premier Bank in metro Atlanta, Milledgeville and Greensboro, Georgia, and St.
Xxxxxx Island, Georgia through its Frederica division; Xxxxxx National Bank in
Roswell, Georgia, and Atlanta through its division, The Buckhead Bank; and
Premier Lending Corporation, a provider of residential mortgage loans and asset-
based commercial finance loans in metro Atlanta, Augusta, Warner Xxxxxxx, and
St. Xxxxxx Island, Georgia; Mobile, Alabama; Jacksonville, Florida; Chattanooga,
Tennessee; Charleston, South Carolina; and Charlotte, North Carolina.
The acquisition, which is subject to regulatory approval and the approval of the
shareholders of North Xxxxxx Bancshares, is expected to close in the third
quarter of this year.
Premier Bancshares' Chairman and Chief Executive Officer, Xxxxxxx X. Xxxxxxx,
said "The acquisition of North Xxxxxx Bancshares with its presence through
Xxxxxx National Bank and The Buckhead Bank in the Buckhead, north Atlanta, and
north Xxxxxx County
markets is a perfect fit for us. North Xxxxxx Bancshares and its banking
operations bring experienced and exceedingly capable management and a loyal
customer base. This acquisition meets all of the criteria we consider important
and will help our company better serve our customers and enhance shareholder
value."
Grant R. Essex, President of North Xxxxxx Bancshares and Xxxxxx National Bank,
said, "We are excited about our combination with Premier Bancshares. Premier
Bancshares provides us with more resources, products, and capital, and with the
ability to compete effectively with regional banks and other larger financial
services companies operating in our markets. And we believe we add significant
value, through our management, staff, and customers, to the successful financial
services company Premier Bancshares has already built."
Both the common stock of Premier Bancshares, Inc. and the preferred securities
of Premier Capital Trust I are traded on the American Stock Exchange under the
symbols PMB and PMB-PR, respectively. Additional financial information regarding
Premier Bancshares, Inc. and its acquisition of North Xxxxxx Bancshares, Inc. is
available from Xxxxxxx X. Xxxxxxxxx, Executive Vice President and Chief
Financial Officer of Premier Bancshares, Inc., at 000-000-0000.
With the exception of historical information, the matters discussed in this news
release are forward-looking statements that involve risks and uncertainties.
