Elberton, Ga.-based Pinnacle Financial Corp. is acquiring Monroe, Ga.-based Liberty First Bank in a cash and stock transaction valued at about $19.1 million, or a price of approximately $16.50 for each outstanding share of Liberty common stock.

The transaction is expected to close in the fourth quarter.

At announcement, S&P Global Market Intelligence calculates the deal value to be 134.25% of common equity and tangible common equity, 14.29x earnings, 10.46% of assets and 11.37% of deposits. The tangible book premium to core deposits ratio is 3.37%.

Liberty will add about $183 million in assets, $72 million in loans and $168 million in deposits to Pinnacle, according to a news release. Upon completion of the deal, Pinnacle will have approximately $1.8 billion in assets, $1.1 billion in loans and $1.6 billion in deposits, based on financials reported as of March 31.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between July 6, 2020, and July 6, 2021, averaged 143.06% of book and 149.54% of tangible book and had a median of 17.07x last-12-months earnings, on an aggregate basis.

Following the transaction, L. Jackson McConnell Jr. will continue to serve as CEO of Pinnacle. Meanwhile, Lee Garrett, who leads a team of bankers at Liberty, will become a senior market executive within Pinnacle.

With the completion of the deal, Pinnacle will expand in Walton County, Ga. by one branch to be ranked third with a 17.98% share of about $1.31 billion in total market deposits, according to S&P Global Market Intelligence data.

Pinnacle was advised in the transaction by Truist Securities as financial adviser and Fenimore Kay Harrison & Ford LLP as legal counsel. Liberty was advised by The Burke Group LLC as financial adviser and James Bates Brannan Groover LLP as legal counsel.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.