Columbia's First Citizens Bank said Thursday it will convert six Merchants & Farmers Bank branches in northeast Georgia into First Citizens banks.
The conversion - including signs and customer account information - begins today. The banks will open Monday as First Citizens.
Privately held First Citizens bought Merchants & Farmers Bank, based in Madison County, Ga., a little more than a year ago. Terms were not disclosed.
At the time of the deal, Merchants & Farmers had assets of $156 million and deposits of $133 million.
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Last month, First Citizens acquired the failed Atlanta-based Georgian Bank in a deal brokered by the Federal Deposit Insurance Corp. Most former Georgian signs and ATM screens have the First Citizens name, though a full conversion has not taken place yet, a bank spokeswoman said.
Georgian, with five branches, had about $2 billion in assets and $2 billion in deposits as of this summer.
First Citizens - the second-largest bank based in South Carolina - has assets of $6.8 billion and deposits of $5.7 billion, according to the latest federal data.
The bank has 185 branches in South Carolina and Georgia.
- Andrew Shain