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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
_______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
, 1996 (OCTOBER 21, 1996)
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TARA BANKSHARES CORPORATION
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(Exact name of registrant as specified in charter)
GEORGIA 33-14610 58-1736696
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
6375 HIGHWAY 85, RIVERDALE, GEORGIA 30274
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(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (770) 996-8272
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On October 21, 1996, Tara Bankshares Corporation ("Registrant") announced
that it had signed a letter of intent to merge with Newnan Holdings, Inc.
("Newnan"). The proposed acquisition is subject to execution of a definitive
agreement and appropriate corporate shareholder and regulatory approvals.
Registrant's subsidiary, Tara State Bank, will continue to operate as a separate
state-chartered commercial bank.
Newnan is the parent company for Newnan Savings Bank, FSB, and Citizens
Bank & Trust of Fayette County. Newnan has assets of $260 million and operates
nine offices in Coweta, Fayette, Henry and Troup Counties, Georgia.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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99 News release dated October 21, 1996 regarding Registrant
signing letter of intent with Newnan Holdings, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TARA BANKSHARES CORPORATION
By: /s/ Charles M. Barnes
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Charles M. Barnes
President and Chief Executive Officer
Date: November 4th, 1996
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NEWNAN HOLDINGS, INC.
P.O. BOX 400
NEWNAN, GEORGIA 30264
770-304-7717
Contacts: Tom Moat
Newnan Holdings, Inc.
770-304-7717
Charles Barnes
Tara Bankshares Corporation
770-996-8272
NEWNAN HOLDINGS, INC., TARA BANKSHARES CORPORATION TO MERGER
Will Create $320 million-asset South Metro Community Bank
NEWNAN, OCTOBER 21, 1996 - Tom Moat, President and Chief Executive Officer of
Newnan Holdings, Inc., and Charles M. Barnes, President and Chief Executive
Officer of Tara Bankshares Corporation, announced today that a Letter of Intent
has been signed for the two companies to merge.
The combination, which is contingent on both companies completing due diligence
and regulatory and shareholder approvals, would create a $320 million-asset
financial institution with offices in five south metropolitan Atlanta counties.
The transaction, terms of which were not disclosed, is expected to be finalized
by the end of January 1997.
Newnan Holdings, Inc. was formed in August 1996 and is the parent company for
Newnan Savings Bank and Citizens Bank & Trust of Fayette County. The two banks
have $260 million in assets and nine offices in Coweta, Fayette, Henry and Troup
counties. Newnan Savings Bank was founded in 1927, and Citizens Bank & Trust
was founded in 1990.
Riverdale-based Tara Bankshares Corporation, the holding company for Tara State
Bank, has $60 million in assets and two offices in Clayton County. The holding
company was founded in 1987, and the bank was founded in 1983.
"We like Tara's market presence, its reputation for outstanding service, and its
close community ties and leadership," said Tom Moat. "Together we will be a
stronger and better financial institution than we can be separately.
-more-
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"Even as we grow large," Mr. Moat added, "we will provide home-grown, close-to-
the-customer service. We are right here, living and working in the community.
You won't need a 1-800 number to reach your banker."
Said Charles Barnes of Tara, "Newnan Holdings is one of the premier Georgia-
based financial institutions. This is a great opportunity to increase our
resources and improve service while still making every decision locally, not in
some other state."
Mr. Moat and Mr. Barnes emphasized that Newnan Savings Bank, Citizens Bank &
Trust, and Tara State Bank will each have their own boards of directors with
full decision-making authority.
"Unlike too many of our competitors, we are keeping close, grassroots ties,"
Mr. Moat said. "Our directors will help keep us keenly aware of the issues and
needs in our communities so we can help them grow, and grow with them."
Communities that the combined banks will serve include Fayetteville, Peachtree
City, LaGrange, Newnan, Jonesboro, Riverdale, Hogansville and Stockbridge.
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