Merger facts
FirstBank Headquarters: Lexington, Tenn. Established: 1906 Owner: Jim Ayers since 1984 Assets: $2.5 billion Staff*: 765 employees Offices: 48 bank offices, including two in Hamilton County, and 15 mortgage only offices Northwest Georgia Bank Headquarters: Ringgold, Ga. Established: 1904 Owners: Fewer than 100 shareholders Assets: $292 million Staff: 103 employees Offices: Nine offices Source: Federal Deposit Insurance Corp., company reports
One of Tennessee’s fastest- growing banks plans this summer to acquire the biggest bank in Northwest Georgia — the fourth Chattanooga-area bank to announce plans to merge with a larger regional bank this year.
FirstBank, the wholly owned subsidiary of First South Bancorp Inc., and the third-largest Tennessee-based bank, signed an agreement Friday to acquire Northwest Georgia Bank.
“We’re looking forward to increasing our presence in the Chattanooga and North Georgia areas, which have shown tremendous gains in recent years,” said Chris Holmes, the CEO for FirstBank. “This will give us more than $350 million in assets in the Chattanooga area and, with the additional capital we will bring to Northwest Georgia Bank, we’ll be able to be more aggressive in growing the bank in Chattanooga.”
Terms of the pending acquisition, which is expected to close in the third quarter, were not disclosed since both of the banks are privately held.