After announcing plans to merge this past summer, Pinnacle Financial Corp., parent holding company of Pinnacle Bank, has formally acquired Independence Bank of Georgia, which has offices in Gainesville and Braselton.
The $32.8 million cash transaction expands Pinnacle’s reach into Hall.
Headquartered in Elberton and chartered in 1934, Pinnacle already has 13 branch offices in Clarke, Elbert, Franklin, Hart, Jackson, Newton, Oglethorpe and Walton counties.
Independence was chartered in 2008.
In a press release Monday, officials said, “Management of each bank agreed that the combined bank will achieve greater scale and diversity in markets, products and management compared to either bank as a standalone. The customers of Pinnacle and Independence will benefit from the combined institution’s greater footprint and scale in the Northeast Georgia communities it serves.”
With the transaction completed, Pinnacle now has about $871 million in assets, $599 million in loans and $752 million in deposits.
L. Jackson McConnell Jr., president and CEO of Pinnacle, will continue in that position.
Terry C. Evans, president and CEO of Independence, and Sid Chandler, a senior lending officer at Independence, will have leadership positions within Pinnacle. Their primary responsibility will be overseeing the communities currently served by Independence.
“This was a combination of two banks that really had similar philosophies,” McConnell said when the merger was announced. “They’re (Independence) just a great group of people, and they’ve got a good strong track record. They’ve been a good solid community bank. It’s just a really good fit for both of us.”