State Bank, with offices in Middle Georgia, realigns organization to increase efficiency
State Bank Financial Corp. announced Thursday a realignment of the company’s executive management responsibilities and reporting structure.
The move is expected to streamline operating processes and improve efficiency, according to a news release from Atlanta-based State Bank Financial, the holding company for Macon-based State Bank and Trust Co.
“In today’s environment of low rates and intense competition, nothing is more essential to profitable growth and sustainability than operating efficiency,” Tom Wiley, CEO of State Bank and Trust, said in the release.
In conjunction with the realignment, Daniel Speight, Jr., vice chairman and general counsel, will leave the company in December.
“With this leaner, yet highly effective organizational structure, I believe State Bank is well-positioned for sustainable growth and increased profitability going forward,” said Speight, who was an organizer and founding shareholder of the company.
The realignment is part of the company’s overall efficiency initiative disclosed in the second quarter of 2015 primarily related to early termination of loss share and efficiencies from the consolidation of First Bank of Georgia into State Bank in July, the release stated.
State Bank also is consolidating functions in finance, legal, risk, credit, operations and technology that are expected to result in improved efficiency. Estimated noninterest expense savings of about $9 million are expected, with the majority of savings related to salaries and benefits expense. Cost savings will be phased in beginning in the current quarter, with the full benefit expected in the second quarter of 2016.
State Bank Financial (NASDAQ:STBZ) has about $3.3 billion in assets as of June 30. It operates 26 banking offices in metro Atlanta, Middle Georgia and Augusta and five mortgage origination offices in the Atlanta, Augusta and Savannah markets.
To contact writer Linda S. Morris, call 744-4223 or find her on Twitter@MidGaBiz.