Question 1

What is Peoples Bank & Trust (Georgia)?

Accepted Answer

Peoples Bank & Trust is a community-focused commercial bank headquartered in Buford, Georgia. With approximately $559 million in total assets, the bank serves individuals, families, and businesses throughout Gwinnett County and the broader Atlanta metropolitan area. Known as the oldest community bank in Gwinnett County, Peoples Bank & Trust emphasizes personalized, relationship-based banking where customers are known by name rather than account number.

Question 2

When was Peoples Bank & Trust (Georgia) founded?

Accepted Answer

Peoples Bank & Trust opened its doors to the people of Buford and surrounding areas in 1984, establishing itself as a community-focused financial institution dedicated to serving Gwinnett County residents and businesses. Over nearly four decades, the bank built deep-rooted relationships with the community and established a reputation for sound financial guidance and personalized service.

Question 3

When did Peoples Bank & Trust (Georgia) close?

Accepted Answer

Peoples Bank & Trust merged with Georgia Banking Company in early 2022, following a merger agreement announced in late 2021. The merger was completed in the first quarter of 2022 after receiving required regulatory approvals and shareholder approval. Under terms of the agreement, Peoples shareholders received approximately $58 million in aggregate transaction value through a combination of cash and convertible preferred stock. The merger expanded Georgia Banking Company's footprint into Gwinnett County and strengthened its position as a top-five deposit market share bank among institutions headquartered in the Atlanta metropolitan area.

Question 4

Where is Peoples Bank & Trust (Georgia) headquartered?

Accepted Answer

Peoples Bank & Trust was headquartered in Buford, Georgia, located in Gwinnett County in the northern Atlanta metropolitan area.

Question 5

Where does Peoples Bank & Trust (Georgia) operate?

Accepted Answer

Peoples Bank & Trust operated one full-service branch in Buford, Georgia, serving Gwinnett County and surrounding communities. The bank's location allowed it to serve the rapidly growing northern suburbs of Atlanta, with convenient access for residents and businesses throughout the region.

Question 6

What services does Peoples Bank & Trust (Georgia) offer?

Accepted Answer

Peoples Bank & Trust offered comprehensive personal and business banking services. Personal banking products included checking accounts, savings accounts, money market accounts, retirement accounts (IRAs), ATM cards, telephone banking, and safe deposit boxes.

Business banking services encompassed business checking, business savings, business loans, business retirement plans, credit card processing, remote deposit capture, and DirectPay (ACH origination). The bank specialized in providing creative and flexible lending solutions with local services and local decision-making.

Digital banking capabilities included online banking for personal customers (balance inquiries, transaction histories, fund transfers, bill pay, statement viewing) and robust business online banking (real-time account review, bill payment, payroll processing, real-time fund transfers, statement and check viewing, ACH processing, and financial data export to accounting software).

The bank provided educational resources including video libraries and financial calculators to help customers budget and plan for major financial decisions.

Question 7

What makes Peoples Bank & Trust (Georgia) unique?

Accepted Answer

Peoples Bank & Trust distinguished itself as the oldest community bank in Gwinnett County, bringing nearly four decades of local market expertise and community commitment. The bank's core philosophy centered on personal relationships—customers were more than account numbers, and staff knew customers by name.

As a locally-owned community bank, Peoples Bank & Trust offered advantages that larger institutions couldn't match: local decision-making, personalized attention from experienced bankers who understood local market conditions, and flexible lending solutions tailored to individual and business needs.

The bank's motto "WE KNOW YOU" reflected its commitment to understanding each customer's unique goals and providing customized solutions. This relationship-based approach, combined with comprehensive digital banking technology, positioned Peoples Bank & Trust as a hometown bank with modern capabilities.

The bank's team members had deep-rooted commitment to the community, with long-standing relationships with residents who trusted them for sound financial guidance.

Question 8

What type of financial institution is Peoples Bank & Trust (Georgia)?

Accepted Answer

Peoples Bank & Trust was a State Bank operating as a commercial banking institution. As a state-chartered bank and member of the Federal Reserve System, it combined state regulatory flexibility with federal oversight and access to Federal Reserve services. This structure allowed Peoples Bank & Trust to maintain local decision-making authority and community focus while providing comprehensive commercial and retail banking services comparable to larger regional institutions. The bank served both individual consumers and commercial clients, emphasizing relationship banking within its community market.

Question 9

Why did Peoples Bank & Trust merge with Georgia Banking Company?

Accepted Answer

The merger with Georgia Banking Company was strategically designed to benefit customers, employees, and shareholders of both institutions. For Peoples Bank & Trust, the merger provided access to greater capital resources, a broader range of capabilities, and enhanced growth potential that a larger organization could support.

Georgia Banking Company, which had been recapitalized by an investor group led by fifth-generation banker Bartow Morgan Jr. in February 2021 with $180 million in new capital, sought to expand its franchise throughout metro Atlanta. The acquisition of Peoples Bank & Trust provided GBC with an established presence in the attractive Gwinnett County market and added $439 million in assets, $393 million in deposits, and $151 million in loans to its operations.

According to Doug Nichols, former CEO of Peoples Bank & Trust, "I made this decision with our customers and employees in mind. Our partnership with GBC provides long-term growth potential for our shareholders. GBC's strategic business plan and capital base allow for a broader range of capabilities and new business opportunities. Our companies are aligned both culturally and operationally."

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