Had Palmer missed, the tournament at The Conservatory would have gone to a six-man playoff, which would have included Evans' Vaughn Taylor.
Palmer, who came into the week at No. 143 on the money list, closed with 1-under-par 71 to finish at 7-under 281. The win pushed him well into the top 125, meaning he'll secure his tour card for 2009. Palmer's only other PGA Tour title came in the 2004 FUNAI Classic.
Taylor, an Augusta State alum, shot a final-round 70 to finish in a five-way tie for second place at 6-under. He missed a 10-footer for birdie on the final hole that would have forced a playoff.
The runner-up finish improves Taylor's standing on the money list in his attempt to keep his 2009 tour card. He was 129th coming into the week.
Former Louisville, Ga., resident Brian Gay closed with 69 to finish tied for seventh at 5-under.