Georgia Primary Bank announces merger agreement with Georgia Banking Company

Georgia Banking Company, Inc. and Primary Bancshares Corporation Announce Merger Agreement

ATLANTA, GEORGIA – October 9, 2024 – Georgia Banking Company, Inc. (“GBC”), the parent company of Georgia Banking Company, and Primary Bancshares Corporation (“PBC”), the parent company of Georgia Primary Bank, jointly announced today the signing of a definitive agreement under which PBC will merge with and into GBC in a stock and cash transaction with an aggregate value of approximately $27 million.

Georgia Primary Bank, based in Atlanta, Georgia, has approximately $352 million in assets, $320 million in deposits, and $256 million in loans as of September 30, 2024. It operates two branches in Fulton and Forsyth Counties.

GBC’s merger with PBC will improve the combined bank’s scale and expand its footprint across metro Atlanta. As of September 30, 2024, the combined bank would have $2 billion in pro forma deposits – representing a top three deposit market share for banks headquartered in the Atlanta MSA – pro forma total assets of $2.4 billion and gross loans of $2 billion. The combined bank will also have a strong balance sheet and attractive core deposit franchise to facilitate continued expansion in the metro Atlanta market. This merger positions GBC to fill the void in the Atlanta market for a community bank in the $2-5 billion asset size range, while providing, a better experience for customers and greater value for its shareholders.
“The merger with Georgia Primary Bank marks a significant milestone for Georgia Banking Company. Our market presence will be strengthened with this strategic move which aligns with our vision of expanding our franchise to better serve the metro Atlanta community,” said Bartow Morgan, Jr., Chief Executive Officer of GBC and Georgia Banking Company. “This transaction provides us an excellent opportunity to broaden our footprint in a low-risk manner. Georgia Primary Bank is a high-quality institution with great relationships and a shared cultural focus on the customer. We look forward to partnering with David Coxon and his team.” Please read more here: https://www.georgiaprimarybank.com/announces-merger-with-georgia-banking-company/