Chattahoochee Bank of Georgia in Gainesville is now officially Entegra Bank, down to the new green sign in the parking lot.
The name change marks the last step in a purchase announced last summer by Franklin, N.C.-based Entegra Financial Corp., the holding company of Entegra Bank.
Entegra paid $34.9 million — 70 percent cash and 30 percent stock — for the commercial bank on E.E. Butler Parkway, according to the announcement.
Entegra, which traces its banking history to 1922, has 17 branches and, after buying Chattahoochee Bank, $1.6 billion in assets, $950 million in loans and $1.2 billion in deposits.
Chattahoochee Bank had $197 million in assets, $155 million in loans and $166 million in deposits, according to the announcement, as well as a loan production office in Duluth.
The acquisition was completed in October. Systems conversion took place in March, with Entegra mailing new debit cards and checks to checking account customers.
Overall, Chattahoochee Bank customers shouldn’t see any major changes in the switchover, Entegra CEO Roger Plemens said in a phone interview earlier this week.
“(Chattahoochee) was a good bank … and we don’t want to mess up a good thing,” he said. “There may be a few (new) things on the product side.”
Entegra also doesn’t have any immediate expansion plans in the Gainesville-Hall market, he said.
“We are always open and looking for opportunities,” Plemens said.
He has said his company set its sights on Chattahoochee Bank of Georgia because of its location.
“With an unemployment rate of (3.9 percent), Gainesville is among the 50 fastest growing metro areas in the U.S. and home to more than 300 manufacturing and processing companies,” Plemens said.
Jody Lail, former Chattahoochee Bank of Georgia CEO, said in an interview last summer that the new bank’s lending limit would rise to $14 million from Chattahoochee’s $5 million.
“This (move to Entegra) will just allow us to continue to grow with our customers,” said Lail, later named an Entegra senior vice president.