(Peachtree Corners) – Piedmont Bancorp, Inc. the holding company of The Piedmont Bank, has announced it has entered into a definitive agreement and plan of merger with Mountain Valley Bancshares, Inc., the holding company of Mountain Valley Community Bank. The Piedmont Bank is headquartered in Peachtree Corners, and operates three additional branches and two loan production offices in the northeast Atlanta area.
According to a news release from Mountain Valley Bank, following the transaction, it is anticipated that Mountain Valley Community Bank will continue to operate as a division of The Piedmont Bank. Mountain Valley Community Bank, will add approximately $202 million in assets, $178 million in deposits, and $107 million in gross loans to Piedmont’s operations, along with three branch locations positioned in Cleveland, Jefferson and Gainesville.
Monty G. Watson, Chairman and Chief Executive Officer of Piedmont and The Piedmont Bank said, “We are very excited to announce our partnership with Mountain Valley Community Bank. ”
Marc Greene, Chief Executive Officer of Mountain Valley Community Bank, who will serve as the North Georgia Regional President and Chief Risk Officer of The Piedmont Bank following the merger, stated, “We are excited to be joining the Piedmont team. It was of great importance to us to find a partner with strong values, clear strategic vision and financial strength. Our customers, employees and the communities we serve will all benefit from this transaction.”
The board of directors of both banks unanimously approved the transaction, which is expected to close in the third quarter of this year.