First Guaranty Bancshares Inc. has entered into a definitive agreement to acquire Premier Bancshares Inc. of McKinney, parent of Synergy Bank SSB.
According to the terms of the agreement, First Guaranty will acquire all of the outstanding common stock of Premier in a transaction valued at approximately $21 million.
The acquisition will put First Guaranty into the Dallas-area market. Synergy Bank has five branches, including one in Fort Worth.
“First Guaranty continues to move forward,” said Alton Lewis, president and CEO of Hammond, Louisiana-based First Guaranty. “This expansion into the Dallas/Fort Worth area market is the natural progression down I-20 from our growing Northwest Louisiana market presence. The merger with Premier and its subsidiary Bank, Synergy Bank, gives double significant benefit to First Guaranty. While establishing us in this strong and rapidly growing market, it also allows us to tap into the Small Business Administration (SBA) expertise of Synergy which will allow us to expand those loan products throughout the entire First Guaranty system. We will be able to provide new service to our existing markets. The combined positive impact on First Guaranty should be tremendous. This combination was made possible by the strong leadership of Joe Williams, chairman of Premier, the Board of Directors, and the management team.”
First Guaranty Bancshares Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank currently operates 21 branches in Louisiana, with another set to come on line in Bossier City. The company’s common stock trades on the
NASDAQ under the symbol FGBI.
Premier Bancshares, Inc. Financial Highlights (as of September 30, 2016)
Assets: $153 million
Loans: $111 million
Deposits: $131 million
Equity: $19.8 million
First Guaranty Bancshares Inc. Financial Highlights (as of September 30, 2016)
Assets: $1.4 billion
Loans: $911 million
Deposits: $1.3 billion
Equity: $129.1 million