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Posted: December 27, 2008 8:22 p.m.

Peoples Bank Lithonia Branch bought by Citizens Trust Bank

The Citizens Trust bank recently purchased the Lithonia branch of Peoples Bank, which also has branches in Covington and Conyers.

The purchase, which was for approximately $51.5 million, according to Banking Business Review Online, is expected to be complete within the first half of 2009.

The change will not affect customers at the Peoples Bank Conyers and Covington branches, whose accounts remain insured by the FDIC, emphasized Peoples Bank President Garry S. Anderson.

"The Peoples Bank and Citizens Trust Bank have recently entered into a friendly agreement for Citizens to purchase the Peoples Bank's branch office and deposits in Lithionia," Andersons wrote. "This agreement between Citizens Trust Bank and Peoples Bank is a good fit for the future plans of both banks as Citizens will further expand their market presence in Lithonia and Dekalb County while Peoples Bank will direct more resources for long term expansion out I-20 east of Atlanta."

The former Lithonia branch accounts will be transferred to Citizens Trust and staff at the Lithonia branch will remain under Citizens Trust bank.

"We are looking forward to expanding our full banking services in the Lithonia market and welcome the opportunity to service the customers, who are currently banking at that location," said James Young, president and CEO of Citizens Trust Bank.

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