GAINESVILLE, Ga., March 2, 2005 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company, and FNBG Bancshares, Inc., parent company of First National Bank of Gwinnett (GA), announced today that they have completed their merger. Following overwhelming approval by the FNBG Bancshares' shareholders and final regulatory approval, First National Bank of Gwinnett becomes GB&T Bancshares' sixth affiliate bank, effective today.
As a result of the merger, GB&T Bancshares now includes six community banks with twenty-six offices located in eleven Georgia counties, plus a consumer finance company with eight offices located throughout north Georgia. With the addition of the $125 million-asset First National Bank of Gwinnett, GB&T Bancshares' assets total approximately $1.4 billion
When the announcement of the merger agreement was first made last fall, GB&T Bancshares President and CEO Richard Hunt noted that shareholders of FNBG Bancshares would receive 1.38 shares of GB&T Bancshares stock or cash in the amount of $30, or a combination of both, in exchange for each share of FNBG Bancshares stock, with an aggregate limit of approximately 30% to be paid in cash. He added that the transaction is expected be accretive to GB&T Bancshares earnings per share within one year after today's consummation of the merger.
"We are excited to welcome First National Bank of Gwinnett into the GB&T Bancshares family" added Mr. Hunt. "Terry Evans, their President and CEO, and his colleagues are dedicated and experienced bankers who embrace our philosophy of true community banking. They will continue to operate their bank as a community bank serving North Gwinnett County and the growing Duluth and Sugarloaf areas. Their commitment to a high level of customer service is a trademark of all the banks in our company, and I am confident that customer service will continue to be a primary focus at First National Bank of Gwinnett."
Mr. Evans commented, "We have watched GB&T Bancshares' growth, development, and commitment to community banking closely since 2000. When presented with this opportunity, we realized that our shareholders, customers and employees would be best served by joining with the fine people of GB&T Bancshares."
Philip Wilheit, Chairman of the Board of GB&T Bancshares, added, "First National Bank of Gwinnett positions our company in another strong growth area in Georgia, which is in keeping with our company's growth initiative. In the counties in which we operate in Georgia, the population is projected to grow at a rate of 15.78% between now and 2009. That's significantly ahead of both the state and nation's numbers," Mr. Wilheit noted.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding expected earnings accretion following the merger and projected growth in the counties in which we operate are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate", "believe", "intend", "expect", "estimate", "could", "should", "will", and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins; (3) general economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population growth in the counties in which we operate; (5) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (6) costs or difficulties related to the integration of our businesses may be greater than expected; (7) deposit attrition, customer loss or revenue loss following the merger may be greater than expected; (8) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than we can; and (9) adverse changes may occur in the equity markets. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.