Piedmont Bancorp, Inc., the holding company of The Piedmont Bank, has entered into a definitive agreement and plan to merge with Mountain Valley Bancshares, Inc., the holding company of Mountain Valley Community Bank.
According to a press release issued by Piedmont, it's expected that Mountain Valley Community Bank will continue to operate as a division of The Piedmont Bank. MVB, headquartered in Cleveland, operates Mountain Valley Community Bank, and will add approximately $202 million in assets, $178 million in deposits, and $107 million in gross loans to Piedmont’s operations, along with branch locations in Cleveland, Jefferson and Gainesville.
Marc J. Greene, Chief Executive Officer of Mountain Valley Community Bank, will serve as the North Georgia Regional President and Chief Risk Officer of The Piedmont Bank following the merger.
The Piedmont Bank is headquartered in Peachtree Corners and operates three additional branches and two loan production offices in the northeast Atlanta area.
