Cleveland-based Mountain Valley Community Bank, which has a North Hall branch, has been acquired by Piedmont Bancorp Inc. of Norcross, officials have announced.
“Following the transaction, it is anticipated that Mountain Valley Community Bank will continue to operate as a division of The Piedmont Bank,” states a Friday press release about the merger, which is expected to be completed this summer.
Monty G. Watson, Piedmont Bank CEO and chairman, couldn’t be reached for comment.
“Mountain Valley Community Bank’s dedication to its customers and the communities it serves, along with its strong financial performance, made (it) a natural partner,” he said in the release.
Marc J. Greene, Mountain Valley Community Bank CEO, said, “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."
Greene will serve as Piedmont’s North Georgia regional president and chief risk officer.
Mountain Valley, which was founded in 2004 and also has a branch in Jefferson, will add about $202 million in assets, $178 million in deposits and $107 million in gross loans to Piedmont's operations, according to the press release.