Executives at a proposed Georgia de novo see a beeline toward profitability and growth by joining an out-of-state bank in lieu of starting anew.
The proposed Georgia Skyline Bank, which obtained conditional deposit insurance approval in December and was projected to launch this year, will instead join and recapitalize Highlands Community Bank, a $189 million-asset lender based in Covington, Virginia.
The deal, which closed Sept. 1, infused $15 million in capital into Highlands and was a better opportunity for Georgia Skyline shareholders than continued fundraising efforts, said Georgia Skyline co-founder and President Ryan Floyd…