MONROE, Ga. — All local branches of Pinnacle Bank and Liberty First Bank are expected to remain in place through their merger.
That’s according to a legal notice of the banks’ intention to merge, published in this issue of The Walton Tribune, published Wednesday on Page B5.
Pinnacle, which is based in Elberton, has a branch at 238 S. Broad St. in downtown Monroe and another at 112 N. Cherokee Road in downtown Social Circle.
Liberty First Bank has its headquarters and only branch at 1901 W. Spring St. in Monroe.
An application under the Bank Merger Act, filed with the Federal Deposit Insurance Corp. and the Georgia Department of Banking and Finance by Pinnacle, gives the public a chance to have a say on the proposed merger.
Pinnacle plans to buy Liberty First in a cash and stock transaction worth about $19.1 million. The deal is pending approval of regulators and Liberty shareholders.
The local banks branches will operate under the Pinnacle banner. Lee Garrett, the president of Liberty First Bank, will remain with Pinnacle as a local senior market executive.
Both banks hope to finalize the deal by the end of the year.