ServisFirst Bancshares in Birmingham, Ala., has agreed to buy Metro Bancshares in Atlanta.
The $4 billion-asset ServisFirst said in a press release Monday that it will enter Atlanta after acquiring the $224 million-asset Metro Bank. The $41 million deal is expected to close in the first quarter. Roughly 52% of the consideration will be stock.
Metro has $141 million in loans, $196 million in deposits and three branches in the Atlanta area.
Separately, ServisFirst said its third-quarter earnings rose 30% from a year earlier, to $14 million. The company held its initial public offering earlier this year.
