All Southern Bank & Trust branches in North Georgia are now part of Pinnacle Financial Corporation, the parent holding company of Pinnacle Bank.
The acquisition was effective April 1, 2020.
According to information released by Pinnacle, which is based in Elberton, management of each bank agreed the combined bank will achieve greater scale and diversity in markets, products and management compared to either bank as a stand-alone company.
"Pinnacle Financial Corporation and Pinnacle Bank are excited by the completion of the acquisition.The Southern Bank & Trust team is very professional and partnered extremely well alongside the Pinnacle team through this chaotic time,” said Pinnacle CEO L. Jackson McConnell, Jr. in a press statement released last week. "Everyone demonstrated focus and dedication in getting the job done. Our confidence in the long-term benefit of the transaction, the credit quality of both banks and the outlook for continued growth and earnings is high.
Former Southern Bank & Trust President and CEO Tony Collins will have a leadership position within Pinnacle as a Senior Vice President and will join the Board of Directors.
The banks expect to complete the operational conversion in May at which time all offices of Southern Bank & Trust will be rebranded as Pinnacle Bank offices.
Chartered in 1934, Pinnacle Bank has offices in over 12 counties of Northeast Georgia. Southern Bank & Trust has branches in Clarkesville, Blairsville and Dahlonega.
http://accesswdun.com/article/2020/4/892567/pinnacle-bank-acquires-southern-bank-trust-branches