Oldest bank in Commerce sold

COMMERCE - The oldest bank in Commerce is being sold and will begin using its original name.

nBank is merging with First Covenant Bank of Woodstock and will operate as First Commerce Bank.

The transaction is expected to be completed early in the
second quarter of 2007, pending regulatory approvals and its also expected that the majority of the employees and management of nBank will be retained, according to the announcement.

They include Charles Blair who will be named Executive Vice President and Chief Administrative Officer; Michelle Harold, who will retain the position of Senior Vice President and Chief Information Officer; and, Larry Cole, who will serve as Senior Vice President and Jackson County President for First Covenant Bank.

"The merger of nBank and First Covenant Bank is a great opportunity for all of our stakeholders," said Charles Blair, President of nBank. "At the closing the combined companies will have approximately $24 million in equity giving us the ability to provide a more complete line of financial products and larger loans to a growing customer base."

Blair added "The return to the First Commerce Bank name indicates our intent to provide products and superior quality of service to our local area."

The bank received its charter in 1904.

Henry Vick, President of First Covenant Bank, said "The addition of the Commerce, Georgia market is part of our strategic plan to provide high quality, community banking
services along the northeastern arc of the greater metro Atlanta market from Cherokee to Jackson County."