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.

About the Author

Keep Reading

A vintage Volkswagen Beetle that looks like Herbie, the Love Bug. (Photo courtesy of iStock.)

Credit: Special

Featured

University System of Georgia Chancellor Sonny Perdue said joining neighboring states to form a new accreditation agency will “keep Georgia’s universities among the best in the nation." (Jason Getz/AJC)

Credit: Jason Getz/AJC