Morris Bank has announced that it will merge with Pinnacle Bank. The holding companies for the two financial institutions, Pinnacle Financial Corporation and Morris State Bancshares Inc., released the plan on Nov. 20. Together the two banks control about $3. 8 billion in assets and operate 35 branches across Georgia. The deal is expected to close next year. “Our leadership teams have weathered all types of economic cycles, including the Great Financial Crisis, often conferring and callaborating along the way, which has strengthened both of our organizations,” said Spence Mullis, president and CEO of Morris Bank in a statement announcing the merger. “I am truly excited to now to bring our two teams together under one new name and brand solidifying our shared values and long-standing relationship. Together, we’ll be a leading Georgia community bank the entire state can be proud to call its own.” Currently headquartered in downtown Dublin, Morris Bank has nine locations serving central and southeastern Georgia. Pinnacle has 26 branches in northeast and eastern portions of the state, including locations in Athens and Augusta. That company is based in Elberton, Georgia, a rural community along the South Carolina state line. The new company, whose name and logo will be announced later, will be based in Elberton. The new bank will be helmed by Pinnacle CEO Jackson McConnell, who will chair the new company’s governing board. Pinnacle President David Voyles will be the new CEO. Morris Bank’s Leonard Blount will be lead independent director. Mullis will serve as president. On Thursday, Morris Bank’s website had information telling customers that there would be no disruption of services and to continue conducting business as usual as the merger is finalized. “As we united our two institutions, we strengthen our ability to serve people and businesses in communities across the state of Georgia,” McConnell said in a statement. “After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together. More than ever before, this partnership allows us to focus on continued growth by sharing our core banking services with more community customers.”.
https://courierheraldtoday.com/morris-bank-to-merge-with-pinnacle/