State Bank & Trust Co. said on Tuesday it has acquired Macon payroll processor Altera Payroll in a deal that will help diversify the bank’s revenue.
Banks across the country have moved to create new fee revenue from a range of sources, with some acquiring new companies or starting new units such as wealth management and insurance services.
Altera is a payroll processor for small-to mid-sized companies. Its management team formerly worked under State Bank Chairman and CEO Joe Evans at the former Flag Financial Corp.
State Bank Financial Corp., State Bank’s parent company, is based in Atlanta. State Bank is the 14th largest bank in the metro area.
Altera’s name and 18 employees will remain with the company.
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