The parent company of Pinnacle Bank recently announced plans to acquire another Georgia community bank, Morris Bank.
Under the terms of the agreement, unanimously approved by both boards, each outstanding share of Morris common stock will be exchanged for the right to receive 0.1095 shares of the combined company’s common stock. Additionally, Morris’ shareholders will receive a one-time special cash dividend of $0.54 per share prior to the closing of the transaction.
Pinnacle’s shareholders will own approximately 54 percent of the outstanding common shares of the new company, while Morris’ shareholders will own approximately 46 percent.
The combined company will have roughly $3.8 billion in assets, $3.3 billion in deposits and $2.8 billion in loans. Further, it will operate 35 branches in Georgia including Pinnacle’s 26 branches serving the northeast and eastern side of the state and Morris’ nine branches in central and southeastern Georgia.
“We are excited to announce the combination of Pinnacle Bank and Morris Bank. As we unite our two institutions, we strengthen our ability to serve people and businesses in communities across the state of Georgia,” Jackson McConnell, chairman and CEO of Pinnacle, said. “After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together. More than ever before, this partnership allows us to focus on continued growth by sharing our core banking services with more community customers.”
McConnell will remain chairman and CEO of the combined company. In addition, all other existing officers of Pinnacle Bank and Morris Bank are expected to remain with the combined bank in roles similar to their existing roles, ensuring continuity. The combined company’s board will consist of nine directors from Pinnacle and eight directors from Morris.
“Our leadership teams have weathered all types of economic cycles, including the Great Financial Crisis, often conferring and collaborating along the way, which has strengthened both of our organizations. I am truly excited to now bring our two teams together under one new name and brand, solidifying our shared values and long-standing relationship. Together, we’ll be a leading Georgia community bank the entire state can be proud to call its own,” Spence Mullis, chairman, president and CEO of Morris Bank, said.
The companies plan to unveil a new name and logo for the combined bank and company prior to the closing of the transaction. Upon completion of the merger, the combined company’s common stock will begin trading on the OTCQX under a new ticker symbol to be determined at a later date.
The corporate headquarters will be located in Elberton, Georgia. Executives and team members of both companies will continue to operate from their existing offices.
The transaction is expected to close at the end of the first quarter or early second quarter of 2026.