State Bank acquires payroll company

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.