Piedmont Bancorp, Inc. Acquiring WestSide Bank
Tuesday, October 6th, 2020
Piedmont Bancorp, Inc. and its wholly-owned subsidiary, The Piedmont Bank, a growing metro Atlanta bank focused on personal service and business success, announced today that it has entered into a definitive agreement to acquire WestSide Bank, a Georgia state chartered bank with branch locations in Cobb and Paulding counties. The deal has been approved by the boards of directors of both institutions and remains subject to WestSide shareholder approval and customary regulatory approvals.
“As we have grown organically and through acquisition, our goal has been to remain a trusted resource for consumers and businesses,” said Monty Watson, Chairman and CEO, The Piedmont Bank. “Piedmont and WestSide share a similar commitment to serving our customers and shareholders, with the best bankers in our respective communities. We believe this is an exceptional opportunity to add the talented WestSide bankers to our team and to enhance our footprint in metro Atlanta.”
The acquisition is expected to close in late fourth quarter 2020 or early first quarter 2021 following receipt of WestSide shareholder approval and customary regulatory approvals.
“WestSide Bank is excited to join the Piedmont family. Monty and his team share our passionate dedication to our customers and our communities,” said Ford Thigpen, President and CEO, WestSide Bank. “We believe this combination will allow us to serve our existing customers more fully and will open opportunities to reach a much broader part of our community. We look forward to a bright future together.”
Piper Sandler & Co. served as financial advisor to Piedmont and Alston & Bird LLP served as its legal advisor. The Burke Group, LLC served as financial advisor to WestSide and Miller and Martin, PLLC served as its legal advisor.