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ALLIED BANKSHARES, INC., TO ACQUIRE JEFFERSON BANCSHARES, INC.

 THOMSON, Ga., Dec. 30 /PRNewswire/ -- Allied Bankshares, Inc. (NASDAQ: ABGA) announced today that it had agreed to acquire 100 percent of the stock of Jefferson Bancshares, Inc., a bank holding company which owns 100 percent of the stock of Bank of Jefferson County, in Louisville, Ga., for $3.115 million in Allied stock.
 Boone A. Knox, chairman of Allied, stated that the transaction would be antidilutive and would strengthen the company's presence in Jefferson County. Allied currently operates one branch in Louisville which was acquired from a failed thrift.
 Allied Bankshares, Inc., is a bank holding company headquartered in Thomson with 17 banking locations in east central Georgia. The company operates three subsidiary banks, Allied Bank of Georgia, Bank of Morgan County, Bank of Millen and a mortgage banking company, Knox Mortgage Company. At Sept. 30, 1993 Allied reported total assets of $352 million and equity capital of $40 million. At June 30, 1993, Bank of Jefferson County reported total assets of $15.3 million and equity capital of $2.3 million. Bank of Jefferson County will become a division of Allied's lead banking subsidiary, Allied Bank of Georgia. The transaction is subject to regulatory and stockholder approval.
 -0- 12/30/93
 /CONTACT: Ben O. Howell Jr., chief financial officer, Allied Bankshares, 706-595-1142/
 (ABGA)


CO: Allied Bankshares, Inc.; Jefferson Bancshares, Inc. ST: Georgia IN: FIN SU: TNM

BR-TG -- AT001 -- 8011 12/30/93 10:42 EST
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Title Annotation:BANK OF JEFFERSON COUNTY, LOUISVILLE, GA.
Publication:PR Newswire
Date:Dec 30, 1993
Words:236
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