First Citizens Bank announced the acquisition of Community Financial Holding Company, Inc in a press release Tuesday.

First Citizens will pay a total cash consideration of $2.33 million for the Georgia-based company and expects the deal to close in the first quarter of 2020.

“Both banks share a strong commitment to provide exceptional service to the people of these communities,” said Leonard Davenport, CEO of Community Financial. “First Citizens is a strong, well-managed institution, and our customers will benefit from its stability, long-term perspective and comprehensive product offerings.”

Community Financial reported $233 million in consolidated assets, $206 million in deposits and $146 million in gross loans as of June 30.

Headquartered in Raleigh, First Citizens Bank was founded in 1898 and currently operates in 19 states.

Shares of First Citizen Bank traded at $479.05, up $7.52 on Wednesday.