Georgia Commerce Bank to Buy Brookhaven Bank

Georgia Commerce Bank announced Wednesday its purchase of Brookhaven Bank.

Georgia Commerce released the following statement:

Georgia Commerce Bancshares, Inc., the holding company of Georgia Commerce Bank, and Brookhaven Bank jointly announced today the signing of a definitive merger agreement that will create a nearly $1 billion in assets banking franchise. The merger will expand Georgia Commerce Bank’s footprint to nine branches across metro Atlanta. Brookhaven Bank has two branches located in North DeKalb County, one located at 2987 Clairmont Road and a second located at 2221 Johnson Ferry Road. The acquisition has been approved by the Board of Directors of each company and is expected to close late in the fourth quarter of 2013.  It is subject to customary conditions, including Brookhaven shareholder and regulatory approval.

“We are very excited about having Brookhaven Bank as part of our family and expanding our banking franchise into the vibrant Brookhaven community,” said Mark Tipton, CEO of Georgia Commerce Bank. “We are impressed with the employees, officers, management and board of this quality community bank, who share our same values, philosophies and commitment to outstanding customer service.”

Bill Kane, Chief Executive Officer of Brookhaven Bank, said the acquisition will benefit customers, employees and the community.  “With its larger size and successful track record, Georgia Commerce Bank offers our customers new and expanded services and creates more opportunity for our employees,” Kane said. “Our customers will continue to see the same friendly, local employees and the same strong commitment to the local community. At the same time, we will be able to offer a broader range of banking products and services including expanded depository products, mobile banking applications and a larger lending capacity.”

“The acquisition of this established community bank allows Georgia Commerce Bank to expand our branch network and better serve the communities in the metropolitan area of Atlanta,” said Rodney Hall, President of Georgia Commerce Bank.  “We welcome our new customers and assure them that they will continue to receive the highest level of customer service for their personal and commercial banking needs.”

Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor and Womble Carlyle Sandridge & Rice, LLP provided legal counsel to Georgia Commerce.  Banks Street Partners, LLC served as financial advisor and Alston & Bird LLP provided legal counsel to Brookhaven Bank.

About Georgia Commerce Bank

Georgia Commerce Bank opened in July of 2003 to offer a higher level of customer service for both personal and commercial banking clients. In ten years, total assets have grown from $13 million to over $750 million. In addition to the new locations listed above, the Bank has seven other locations, including Acworth, Buckhead, Cumberland, Johns Creek, Marietta, Peachtree Corners and Woodstock. For more information, visit gacommercebank.com or call 678-631-1265.