MARIETTA — State Bank Financial Corporation, the holding company of State Bank and Trust Company — which has a location at 250 Church St. in Marietta — announced the signing of a definitive agreement for State Bank Financial to acquire Atlanta Bancorporation and its wholly-owned subsidiary, Bank of Atlanta. Upon closing of the transaction, Atlanta Bancorporation will merge into State Bank Financial, immediately followed by the merger of Bank of Atlanta into State Bank and Trust Company.
On March 31, Bank of Atlanta had approximately $198 million of total assets, $123 million of loans and $161 million of deposits. Bank of Atlanta is headquartered in midtown Atlanta and operates one additional banking office in Duluth.
State Bank Financial has agreed to pay approximately $25 million in cash for all outstanding shares of Atlanta Bancorporation. The agreement has been unanimously approved by the Boards of Directors of both companies and is expected to close no later than the fourth quarter of 2014. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval by Atlanta Bancorporation shareholders.
Atlanta Bancorporation was represented in this transaction by FIG Partners LLC as financial advisor and Bryan Cave LLP as legal counsel. State Bank Financial was represented by Nelson Mullins Riley & Scarborough LLP as legal counsel.