State Bank Financial Corp. said it completed two acquisitions at year-end that add offices in several markets for the fast-growing bank, including Athens and Savannah.
“These mergers provide for the expansion of our statewide footprint with entry into the very attractive markets of Athens, Gainesville, and Savannah,” said State Bank CEO Tom Wiley. “With these transactions completed, we have crossed over $4 billion in total assets and have banking offices in seven of the eight largest markets in Georgia.”
Both deals were signed last spring by State Bank.
The acquisitions could boost the Atlanta-based bank, State Bank and Trust, to fourth place among Georgia-based banks in terms of deposits, with roughly $3.4 billion. According to the Federal Deposit Insurance Corp., State Bank had deposits of $2.9 billion and ranked seventh among Georgia-based financial institutions as of mid 2016, the latest figures available.
State Bank said it will now begin folding in the operations of National Bank of Georgia, which was headquartered in Athens, and S Bank, of Glennville. That process is expected to be completed in February.
With their closing, State Bank now has $4.1 billion in assets and 31 branches in a territory stretching from Atlanta to Savannah and Middle Georgia to Augusta.
The $68 million cash and stock deal for NBG Bancorp brings about $415 million in assets, and two branches and a mortgage office in Athens and Gainesville.
The $11 million deal for S Bank, also for cash and stock, adds about $110 million in assets, and offices in Savannah, Glennville, Reidsville, and Hinesville.
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