FOR IMMEDIATE RELEASE
Braselton-based bank among first in Georgia to complete full reimbursement
BRASELTON, Ga. (April 15, 2011) — Hamilton State Bancshares, Inc., a locally owned and operated bank holding company based in Braselton, announced today that it has acquired certain assets and all deposits and other liabilities of Bartow County Bank from the Federal Deposit Insurance Corporation as Receiver.
The acquisition was completed pursuant to a purchase and assumption agreement on April 15, 2011 following approvals by the Georgia Department of Banking and Finance and the FDIC.
All locations of Bartow County Bank will open at normal banking hours on Saturday, April 16, 2011 under the new name of Hamilton State Bank. Bartow County Bank customers may continue to conduct normal banking business and will have access to all of their accounts. In addition, all outstanding Bartow County Bank checks will be processed, and customers may continue to write Bartow County Bank checks and use their ATM and debit cards. Bartow County Bank loan customers also should continue to make their regular payments. New and existing customers will receive additional information from Hamilton State Bank in the near future.
The acquired Bartow County Bank operations were headquartered in Cartersville, Georgia operating a total of four branches in Bartow and Cobb counties, Georgia. As of December 31, 2010, Bartow County Bank had total assets of approximately $330 million and total deposits of approximately $304 million.
“As a growing community bank with branches in six northeast Georgia towns, we look forward to this opportunity to broaden our bank’s market and serve new communities in Georgia,” said Hamilton State Bank Chairman and CEO Robert Oliver said. “We welcome our new customers and assure them that they will be served by the same friendly professionals at each of the Bartow County Bank branches in the days to come. We appreciate the loyalty of Bartow County Bank’s customers and plan to enhance the high level of quality services to which they are accustomed.”
“Our goal is to have all Hamilton State Bank offices operating on the same system in the months to come in order to provide streamlined, consistent service to all our customers,” Oliver added.
Led by an executive team with decades of community banking experience, Hamilton State Bank is a wholly owned subsidiary of Hamilton State Bancshares, Inc. The company focuses on conservative and sound banking practices.
Hamilton State Bancshares, Inc. recently completed a private offer and sale of common stock and securities convertible and exercisable into common stock that together resulted in proceeds of approximately $231.6 million. The offering was led by investments in the company by affiliates of Angelo, Gordon & Co. and Tailwind Capital, each of which invested approximately $60 million. Hamilton State Bancshares, Inc. and Hamilton State Bank are among the highest capitalized banking companies in the state of Georgia.
The acquisition solidifies Hamilton State Bank’s position as a full-service bank offering a variety of services to its customers from its offices in Barrow, Hall, Forsyth, Jackson, Bartow and Cobb counties in Georgia.
The Company is a Georgia corporation and a registered bank holding company. The Bank is a Georgia state bank and was established and commenced operations on September 20, 2004. Through the Bank, the Company specializes in providing commercial banking services to small to medium-sized businesses in north Georgia. The Company operates six full service branches: Braselton, Gainesville, Oakwood, Jefferson, Hoschton and Cumming, serving the four-county area of Jackson, Hall, Forsyth and Barrow counties. The Bank conducts a full range of banking services from its branch locations, including: commercial, real estate and consumer lending; deposit products; cash management services; and personal, business and online banking services. For more information, please visit www.hamiltonstatebank.com.
This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this press release, including among others: (1) developments in financial market and economic conditions; (2) delay or inability in obtaining regulatory approvals; and (3) legislative and regulatory developments; and (4) litigation