First Citizens Corporation of Newnan and Community First Banking Company of Carrollton announced late last week an agreement that allows First Citizen to acquire three branch banks from the Carrollton-based company.

The three branches being acquired are located in the WalMart stores in Fayetteville, Newnan and Stockbridge.

First Citizens Bank president and CEO Tom Moat said the new branches will allow the bank to expand its holdings.

"These branches complement our existing banking network. They will both enhance our ability to serve existing customers and draw new customers throughout our primary market areas. It also allows us to move into the deposit area of Henry County, where we already have a strong lending presence," Moat said.

Community First Bank president and CEO Gary Dorminey said First Citizen's acquisition of the banks should help the customers currently using the branches.

"While we have been very pleased with the performance of these branches, because First Citizens has an existing infrastructure to serve the customer base generated by these branches, we believe this transaction is in the best interests of both banks," Dorminey said.

First Citizens Corporation has consolidated assets of $380 million and is a multi-bank holding company based in Newnan. It has three banking subsidiaries with 10 offices in Fayette, Coweta, Troup and Clayton counties.

Community First Banking has assets of $415 million and is a bank holding company and has 10 offices in the west Georgia area.

The transaction is subject to approval and should be completed by the end of the year.