Atlanta-based State Bank Financial Corp., the holding company for Macon-based State Bank and Trust Co., has signed an agreement to acquire an Augusta-based bank for about $82 million, which is $22.35 a share.
State Bank plans to acquire Georgia-Carolina Bancshares and its subsidiary First Bank of Georgia in a cash and stock deal that is expected to close the first quarter of 2015, according to a news release. First Bank is headquartered in Augusta with seven branches in the area plus mortgage offices in Augusta and Savannah.
This is the first time that State Bank has expanded beyond Atlanta or Macon (metropolitan areas), bank spokesman David Rubinger said in an email. It is State Banks second healthy bank acquisition this year.
State Bank announced in April it was acquiring Bank of Atlanta.
This (First Bank) merger will give us the opportunity to enter the Augusta market with a strong management team that has been a significant part of the local community for over 25 years, Joe Evans, State Banks financial chairman and CEO, said in the release.
As of March 31, First Bank of Georgia had total assets of about $523 million, total loans of about $317 million, total deposits of about $428 million and total shareholders equity of about $59 million, the release stated.
The agreement has been approved by the boards of directors of both companies. Completion of the transaction is subject to certain closing conditions, including regulatory approvals and approval by the shareholders of Georgia-Carolina Bancshares.
State Bank and Trust had about $2.6 billion in assets as of March 31. It has several offices in metro Atlanta and Middle Georgia.
To contact writer Linda S. Morris, call 744-4223.