Posted: Tuesday, August 27th 2013 at 7:41am
Hamilton State Bank merging with Cherokee Co. bank
HOSCHTON — Hamilton State Bancshares, Inc. has entered into a definitive merger agreement with Cherokee Banking Company after receiving approval from the Boards of Directors of both companies. The combined bank will operate under the name Hamilton State Bank.
“We are very excited about the acquisition of Cherokee Bank which will provide Hamilton the opportunity to expand into a new community with a well-established and highly regarded partner,” said Bob Oliver, Chairman and CEO of Hamilton State Bank.
Cherokee Bank is headquartered in Cherokee County, Georgia, with approximately $168 million in total assets and approximately $150 million in deposits. Cherokee Bank operates out of three branch locations.
“Bob Oliver and I have known and respected each other for many years,” said Dennis Burnette, Cherokee’s President and Chief Executive Officer. “We believe this transaction presents a wonderful opportunity for our customers and our employees, and we look forward to this next chapter for our bank.”
Hamilton has agreed to pay $4 per share in cash for Cherokee’s 2,131,639 shares of issued and outstanding common stock. Pending receipt of all necessary regulatory and other approvals, including the approval of Cherokee Banking Company’s shareholders, and customary closing conditions, the transaction is expected to be completed in the first quarter of 2014.
This is not Hamilton State’s first acquisition. In 2006, it purchased three branches from Commerce-based nBank, and in 2008, it purchased the Jefferson State Bank in Cumming. Since then Hamilton State has worked with the FDIC to acquire four failed banks - Bartow County Bank (Cartersville), McIntosh State Bank (Jackson), The First State Bank (Stockbridge) and Douglas County Bank (Douglasville).
With the addition of Cherokee Bank, Hamilton State will operate 27 branches in 12 counties throughout North Georgia. I has offices in Barrow, Bartow, Butts, Cobb, Douglas Hall, Henry, Forsyth, Jasper, Jackson and Paulding counties in Georgia. Hamilton State Bank has approximately $1.4 billion in total assets, $1.2 billion in deposits, and $218 million in total capital.
Link: Hamilton State Bank
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