State Bank Financial (STBZ) in Atlanta has agreed to buy Atlanta Bancorp.
The $2.6 billion-asset State Bank will pay about $25 million in cash for the parent of the $198 million-asset Bank of Atlanta. State Bank said it should complete the acquisition by the fourth quarter.
Bank of Atlanta has two branches, $123 million in loans and $161 million in deposits.
"Bank of Atlanta will be a very positive addition to State Bank," Joe Evans, State Bank's chairman and chief executive, said in a press release Monday. "We believe it will give State Bank a much larger and more visible presence in midtown Atlanta, an expanded presence in Gwinnett County and enhanced capability in our SBA programs."
FIG Partners and Bryan Cave advised Atlanta Bancorp. Nelson Mullins Riley and Scarborough advised State Bank.
