Morris Bank announced last week that its parent company — Morris State Bancshares — has agreed to merge with Pinnacle Financial Corporation, which owns Pinnacle Bank, in a deal that is expected to close in the first three to four months of 2026.
The combined company will include Morris' nine branches in Bulloch County, Dublin, Macon and Houston County and the 26 branches of Pinnacle, including locations in Elberton, Gainesville, Athens and Augusta.
The new Georgia bank will be based in Elberton, with staff from both companies continuing to operate from their current offices. A new name for the bank will be announced prior to the closing, according to a release on the merger.
Dublin-based Morris came into the Statesboro/Bulloch market in June 2019 when it merged with Farmers & Merchants Bank.
"Our leadership teams have weathered all types of economic cycles, including the Great Financial Crisis in 2008, often conferring and collaborating 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 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."
The combined banks will have approximately $3.8 billion in assets, $3.3 billion in deposits, and loans of $2.8 billion, as of Sept. 30.
According to the release, each Morris shareholder will receive 0.1095 shares of the combined company's common stock for each share held. Also, shareholders will receive a one-time cash dividend of $.54 per share before closing of the transaction.
Upon completion, Pinnacle shareholders will own 54% of the company, with Morris shareholders holding 46%.
Pinnacle chairman and CEO Jackson McConnell said: "As we unite our two institutions, we strengthen our ability to serve people and businesses in communities across the state of Georgia. After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together."
The new company will be based in Elberton, which is about 50 miles east of Athens, near the South Carolina border. McConnell will chair the new company's governing board, while Pinnacle president David Voyles will be the new CEO. Morris' Mullis will serve as president and Morris' Leonard Blount will be the lead independent director, according to the release.
The Morris Bank website currently has 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 work to combine our two companies, we will continue to process loan applications, fund commitments, service loans, and serve you in the same manner without interruption. Please continue your relationship with your current lender, customer service representative, teller team member, and all other Morris Bank associates."