Birmingham bank inks deal to buy Atlanta’s Metro Bank

Atlanta-based Metro Bancshares is being acquired by a Birmingham bank, ServisFirst Bancshares, in a cash and stock deal valued at about $41.2 million.

ServisFirst Bank said the deal, expected to be completed early next year, will add Metro Bank’s three metro Atlanta offices and about $223.5 million in assets to its operations. ServisFirst has almost $3.8 billion in assets and 13 branches in Alabama and Florida.

ServisFirst said it will pay about $22.8 million in cash and issue about 636,720 shares of its common stock, worth about $18.4 million, to Metro Bank’s shareholders.

ServisFirst announced the deal Monday at the same time it disclosed that its third-quarter profits grew 30 percent over year-earlier results, to $14 million, or 54 cents a share.

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Russell Grantham

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