GBC and Peoples BankTrust
GBC and Peoples BankTrust Announce Termination of Merger Agreement
ATLANTA, GEORGIA - July 5, 2022 - Georgia Banking Company, Inc. ("GBC") and Peoples BankTrust, Inc.("Peoples") jointly announced today a mutual agreement to terminate their merger agreement, previously announced on November 10, 2021, pursuant to which Peoples would merge with and into GBC in a cash and stock transaction with an aggregate value of approximately $58 million.
After careful consideration of the proposed transaction by both teams, the respective Boards of Directors of GBC and Peoples have unanimously approved the termination.
"After thorough discussions, the Board of Directors of both institutions concluded the best path forward would be to dissolve the proposed transaction between our companies as market conditions have significantly changed, which has impacted the original terms," said Bartow Morgan, Jr., Chief Executive Officer of GBC. "The termination of the purchase agreement positions GBC to benefit from a stronger capital position and focus on consistent organic growth while building franchise value for our shareholders."
"Following a thorough evaluation of the transaction between Peoples and GBC, we have mutually agreed that moving forward separately is the sensible decision. Peoples will continue to serve our customers as we have for over 37 years," said Peoples Chief Executive Officer, Doug Nichols. "We are greatly appreciative of both the Peoples and GBC teams that have worked diligently throughout an extensive process."
GBC is a commercial community bank headquartered in Atlanta, Georgia with assets of approximately $1.3 billion as of May 31, 2022. Led by fifth generation banker, CEO Bartow Morgan, Jr., GBC's team of veteran Atlanta bankers are focused on leveraging technology to deliver an exceptional service experience to meet the needs of growing businesses and private banking clients. The bank also offers a unique suite of mortgage products to independent mortgage bankers across the nation. GBC has offices in Midtown Atlanta, Duluth, Griffin, Lawrenceville and soon will be expanding to serve customers in Alpharetta and Marietta.
About Peoples BankTrust
Peoples Bank is a commercial bank in Buford, Georgia which has approximately $475 million in assets as of May 31, 2022. The bank opened in December 1984 with a mission to meet local banking needs while serving the Buford community along with the surrounding areas. The main office is located in Gwinnett County and continues to provide innovative products and services while remaining a community bank whose primary goal is to provide exceptional customer service. For additional information, please visit PeoplesBankTrust.com.
Georgia Banking Company
SVP/Director of Marketing
Peoples Bank & Trust
EVP/Chief Operating Officer