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Commercial banks

First Liberty Financial Corp. Completes Acquisition of Vidalia Bankshares, Inc.

Strategic Insights

— 2 min read

First Liberty Financial Corp. has finalized the acquisition and merger of Vidalia Bankshares, Inc., the holding company for First Community Bank of Vidalia. The acquisition is expected to be completed by late summer, expanding First Liberty's presence in Vidalia, Georgia. The merger combines the operations of First Community with those of First Liberty Bank, which has one office in Vidalia. As a result of the deal, Vidalia Bankshares common stockholders will receive 3.9186 shares of First Liberty common stock for each share held, with fractional shares settled in cash. The acquisition is expected to enhance First Liberty's financial strength and services, benefiting its customers and the Vidalia community.

Key Takeaways:

  • The acquisition of Vidalia Bankshares, Inc. by First Liberty Financial Corp. was completed on April 1, with a total of approximately 653,000 shares of First Liberty stock issued to Vidalia stockholders.
  • The merger combines the operations of First Community with those of First Liberty Bank, resulting in a stronger financial presence in Vidalia, Georgia.
  • The acquisition increases First Liberty's total outstanding shares to approximately 14.3 million, up from 13.67 million at the completion of the merger.
  • First Liberty now has 39 banking offices in Middle, Coastal, and South Georgia, a construction loan production office in Atlanta, a mortgage banking company, a consumer finance company with 13 offices in Georgia and Tennessee, and a commercial equipment leasing company.
  • As of December 31, 1998, First Liberty Financial Corp. had assets of approximately $1.6 billion and deposits of approximately $1.2 billion.
  • First Community Bank of Vidalia had assets of approximately $65 million and deposits of approximately $59 million.
  • The partnership between First Liberty and First Community will offer expanded services to customers in the Vidalia market.
  • C. Paul Eason, President of First Community, will become the City President for First Liberty in Vidalia, ensuring a smooth transition for customers.
  • Glenn H. Durden, Chairman of Vidalia Bankshares, and Robert F. Hatcher, President and CEO of First Liberty, expressed optimism about the partnership and its potential benefits for customers and the Vidalia community.

Statistics:

  • 653,000 shares of First Liberty stock issued to Vidalia stockholders.
  • 39 banking offices in Middle, Coastal, and South Georgia.
  • 13 offices in Georgia and Tennessee for the consumer finance company.
  • 16 states with correspondent relationships for the mortgage banking company.
  • $1.6 billion in assets for First Liberty Financial Corp. as of December 31, 1998.
  • $1.2 billion in deposits for First Liberty Financial Corp. as of December 31, 1998.
  • $65 million in assets for First Community Bank of Vidalia.
  • $59 million in deposits for First Community Bank of Vidalia.

Sources:

  • First Liberty Financial Corp. Press Release, April 1.

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