Oconee State Bank, which has a branch in Duluth, recently announced it is beginning a crucial step toward its merger with Elberton Federal Savings and Loan.
The boards of the two banks parent organizations, Oconee Financial Corporation and Elberton Federal Savings & Loan Association, said they were commencing with a required offering of Oconee State Bank common stock as part of the merger, which was first announced in 2021.
The two banking companies are doing a “merger conversion,” during which Elberton Federal, which is a federal mutual savings association, will convert to a stock form before merging with Oconee State Bank.
“As part of the transaction, Oconee is now offering a set number of shares of its common stock to eligible members of Elberton Federal, Oconee shareholders of record as of April 30, 2023, and possibly others, in a subscription offering and a community offering,” the boards said in a joint announcement about the merger.
Oconee State Bank, which is based in Oconee County, operates five full-service financial centers in Georgia. One of those is in Duluth while the others are in Oconee, Athens-Clarke and Macon-Bibb counties. Elberton Federal Savings and Loan is based, as its name suggests, in Elberton.
Oconee State Bank plans to hold community meetings in Elberton and Watkinsville to discuss the stock offering with interested investors.
The banks did not list meetings dates in their announcement, but they said anyone who is interested in attending one of the meetings,…
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