National Commerce Corporation (NCC), headquartered in Birmingham, Alabama, has inked an agreement to acquire Marietta, Georgia based Landmark Bancshares in a deal valued at $115.2m.
As per the terms of the agreement, for each share of Landmark its shareholders will receive 0.5961 shares of NCC and $1.33 in cash.
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Following the completion of merger, Landmark Bancshares’s subsidiary First Landmark Bank will become a part of National Bank of Commerce (NBC), a subsidiary of NCC. The combined institution will have approximately $4bn in assets.
However, First Landmark Bank will continue to operate under its existing trade name and will continue to be led by its existing management team.
NCC and NBC president and CEO Richard Murray said: “We are excited to partner with Stan Kryder and Terry DeWitt and the First Landmark team. The First Landmark franchise is a great fit for us and our existing Atlanta operations, and we think it is a great opportunity for our two teams to combine and grow together.”
Landmark’s CEO R. Stanley Kryder and its president and CFO Terrence DeWitt will lead the combined operations of NBC in the Atlanta market.
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By GlobalDataThe combined entity will have approximately $750m in loans and approximately $750m in deposits.
The company will have full-service branches in the Buckhead, Decatur, Marietta, Midtown and Sandy Springs areas of metro Atlanta, as well as loan production offices in Alpharetta and southern Perimeter.
The deal has been unanimously approved by the boards of directors of NCC, NBC, Landmark and First Landmark Bank.
