First Union Corp. is selling its Waynesboro bank branch to a Tallahassee, Fla.-based company that has plans to expand across Georgia.
Capital City Bank Group is under contract to purchase First Union's Liberty Street branch and nearby drive-through center in Waynesboro, in addition to four locations in Macon.
Terms of the deal were undisclosed but the acquisition will boost the Florida bank's assets from about $1.5 billion to about $1.75 billion when the sale closes in March, said Kim Davis, Capital City's chief financial officer.
"A large number of our offices are in smaller communities," Mr. Davis said. "Waynesboro looks like many of the markets we're in in Florida; Macon looks a lot like Tallahassee."
Capital City Bank Group is the holding company for Capital City Bank and First National Bank of Grady County, which have more than 45 branches in Florida and Georgia.
The company has existing operations in West Point and Cairo, Ga., and is looking toward further expansion statewide.
Mr. Davis said Capital City will keep the existing personnel at its Waynesboro branch, which has about $21 million in deposits.
"For the most part, it will be business as usual. We will bring them guidance and offer them resources," Mr. Davis said. "We won't be bringing people in from other areas."
Mr. Davis said local loan decisions will be handled in Waynesboro, and the group aims to invest in the community and in civic organizations.
"We're very much a community bank; we'll work to make decisions locally in that market," Mr. Davis said.
Reach John Bankston at (706) 823-3352 or email@example.com.
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