Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

(

15

) Subsequent Events

On

July 27, 2018,

the Bank entered into a definitive agreement to purchase the Albany, Georgia branch of Planters First Bank.  The purchase includes the assumption of approximately

$10

million in deposits at a premium of

$560

thousand and

$20

million in loans at a discount of

$117

thousand.  In addition, the Company will purchase a vacant lot owned by Planters First Bank in Albany for

$725

thousand, on which it plans to build a new branch office.  The Company intends to retain the employees currently working in the Albany branch.  Subject to regulatory approval and customary closing conditions, the transaction is expected to close in the

fourth

quarter of

2018.

On

July 30, 2018,

the Company announced the appointment of T. Heath Fountain as President and Chief Executive Officer.  Mr. Fountain will succeed Edward P. Loomis, Jr. who is retiring from the Company effective 

September 18, 2018. 

Mr. Loomis will remain on the Company’s board through his current term ending

May

of

2019.