Capital City Bank Group has signed an agreement to acquire First Alachua Banking Corporation. The acquisition, which is subject to certain approvals, is scheduled to close mid-year 2005.
First Alachua Banking Corporation’s wholly owned subsidiary, First National Bank of Alachua has $229 million in assets, seven offices located in Alachua County – Gainesville, Alachua, High Springs, Jonesville, Newberry – and an eighth office in Hastings, Florida. First National also has a mortgage lending office in Gainesville and a financial services division.
Subject to certain potential adjustments, First Alachua shareowners will receive $2,847.04 in cash and 71.176 shares of Capital City common stock for each of the 10,186 shares of First Alachua common stock issued and outstanding.
The completion of this acquisition marks a significant expansion for Capital City in north central Florida. Capital City Bank has several offices in neighboring counties surrounding Gainesville, including Bell, Bronson, Chiefland, Fanning Springs, Keystone Heights, Palatka, Starke, Trenton and Williston. The acquisition of First Alachua will increase Capital City’s assets to $2.6 billion.