“We are very excited about the acquisition of Cherokee Bank which will provide Hamilton the opportunity to expand into a new community with a well-established and highly regarded partner,” said Bob Oliver, chairman and CEO of Hamilton State Bank.
Cherokee Bank is headquartered in Cherokee County with about $168 million in total assets and about $150 million in deposits. Cherokee Bank operates out of three branch locations.
“Bob Oliver and I have known and respected each other for many years,” said Dennis Burnette, Cherokee’s president and chief executive officer. “We believe this transaction presents a wonderful opportunity for our customers and our employees, and we look forward to this next chapter for our bank.”
Hamilton has agreed to pay $4 per share in cash for Cherokee’s 2,131,639 shares of issued and outstanding common stock. Pending receipt of all necessary regulatory and other approvals, including the approval of Cherokee Banking Co.’s shareholders, and customary closing conditions, the transaction is expected to be completed in the first quarter of 2014.
Hamilton State Bank, based in Hoschton, has operated branches in Douglas and Paulding counties since acquiring the failed Douglas County Bank earlier this year.
In 2006, it purchased three branches from Commerce-based nBank, and in 2008, it purchased the Jefferson State Bank in Cumming. Since then Hamilton State has worked with the FDIC to acquire three other failed banks, Bartow County Bank (Cartersville), McIntosh State Bank (Jackson), and The First State Bank (Stockbridge).
With the addition of Cherokee Bank, Hamilton State will operate 27 branches in 12 counties throughout North Georgia.
Hamilton State Bancshares Inc. and Hamilton State Bank are among the highest capitalized banking companies in the state of Georgia. Hamilton State Bank is a full-service bank offering a variety of services to its customers from its offices in Barrow, Bartow, Butts, Cobb, Douglas Hall, Henry, Forsyth, Jasper, Jackson and Paulding counties in Georgia.
Hamilton State Bank has approximately $1.4 billion in total assets, $1.2 billion in deposits, and $218 million in total capital.