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State Bank Financial (STBZ) in Atlanta has agreed to buy Atlanta Bancorp.
April 28 -
State Bank Financial (STBZ) in Atlanta has agreed to buy Georgia-Carolina Bancshares (GECR) in Augusta, Ga. The $2.6 billion-asset State Bank will pay about $82 million, or $22.35 a share, in cash and stock.
June 24 -
State Bank Financial is in no rush to extract costs from Georgia-Carolina Bancshares, preferring instead to take its time in an effort to retain the best employees and clients.
June 24 -
State Bank Financial (STBZ) in Atlanta swung to a profit in the first quarter, as it benefited from improved figures on its covered-loan portfolio.
April 30
State Bank Financial in Atlanta more than doubled quarterly earnings on gains from acquisitions and noninterest income.
The $2.6 billion-asset company's profit was $11.5 million in the third quarter, up from $4.3 million a year earlier.
Quarterly results were fueled by "strong organic growth in demand deposits, loans and payroll revenue" as well as
Noninterest income rose to $3.4 million, compared with a $14.5 million loss in the third quarter of 2013, because amortization costs tied to the bank's loss-sharing agreements with the Federal Deposit Insurance Corp. fell significantly.
Deposits increased more than 5% year over year, to $2.2 billion, as noninterest-bearing deposits rose 24.8%. Loans also rose 3.4%, to $1.5 billion, including an 11% increase in organic loans, to almost $1.3 billion.
However, net interest income fell 14%, to $38 million, because its loan mix is changing as it transitions from an acquirer of failed banks to a buyer of open banks. The net interest margin also fell to 6.14%, from 7.95% a year earlier.
State Bank predicts further growth from its $25 million
