GAINESVILLE, Ga., Aug. 20, 2004 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company, announced that the merger with Lumpkin County Bank has been completed, and on Thursday, August 19th, Lumpkin County Bank became a division of the company's lead bank, Gainesville Bank & Trust. Established in 1982 with $71.7 million in assets, Lumpkin County Bank will continue to operate under the same name, maintaining its identity as a community bank with its same management and board of directors.
GB&T President and CEO Richard Hunt commented, "We are pleased to welcome Lumpkin County Bank as a new division of Gainesville Bank & Trust. The bank has cultivated a strong customer base in their market and can now provide these customers expanded banking services including Investments and Trust Services."
Terms of the agreement call for the exchange of 1.025 shares of GB&T Bancshares' stock for each of the outstanding shares of Lumpkin County Bank, in a deal initially valued at $5.48 million. Mr. Hunt added that they expect this transaction to be accretive to GB&T earnings within six months of consummation.
GB&T Board Chairman Philip Wilheit added, "Lumpkin County Bank is located in a growing community and GB&T now has the opportunity to expand into a new market. Lumpkin County customers will also have the opportunity to take advantage of new financial services offered through their local community bank with banking officers they've done business with in the past."
Eddie Wayne, President of Lumpkin County Bank commented, "Our staff is excited to join GB&T, and I believe our bank is a perfect fit for their organization. We are committed to the same way of doing business with a focus on customer service and community banking."
Earlier this month, GB&T announced the completion of a merger with Southern Heritage Bancorp, which was the parent company of Southern Heritage Bank. In addition, the company announced plans for the Bank of Athens, a new bank to serve the fast growing Athens-Clarke and Oconee County area. Southern Heritage and the Bank of Athens will both operate as divisions of Gainesville Bank & Trust.
GB&T is headquartered in Gainesville, Georgia. In addition to Lumpkin County and Southern Heritage Banks, affiliate banks operating under the GB&T Bancshares' umbrella of community banks include: Gainesville Bank & Trust (Hall County, GA), United Bank & Trust (Polk & Bartow Counties, GA), Community Trust Bank (Paulding and Cobb Counties, GA), HomeTown Bank of Villa Rica (Carroll and Paulding Counties, GA) and First National Bank of the South (Baldwin & Putnam Counties, GA). GB&T is also the parent company of Community Loan Company, a consumer finance company with eight offices in north Georgia. Its common stock is listed on the NASDAQ National Market under the symbol "GBTB." Please visit our website at www.gbt.com for additional information.
Forward Looking Statement:
Any projections, plans, goals, estimates or statements of expectation herein, made on behalf of GB&T Bancshares and/or its affiliate institutions, should be considered forward-looking statements, according to the Private Securities Litigation Reform Act of 1985. They involve risks and uncertainties, and are subject to change by conditions outside the control of GB&T Bancshares, as well as by internal modifications. The conditions and factors influencing such projections and expectations include, but are not limited to: varying interest rates, changes in regulatory requirements, fluctuating loan demand, economic shifts and modifications to accounting procedures.