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State Bank Financial to buy Georgia-Carolina Bancshares

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Staff writer ▼ | June 25, 2014
State Bank Financial Corporation, the holding company for State Bank and Trust Company, signed a definitive agreement for State Bank Financial to acquire Georgia-Carolina Bancshares, Inc. and its wholly-owned subsidiary, First Bank of Georgia.
Georgia-Carolina Bancshares
Georgia-Carolina BancsharesState Bank Financial Corporation, the holding company for State Bank and Trust Company, signed a definitive agreement for State Bank Financial to acquire Georgia-Carolina Bancshares, Inc. and its wholly-owned subsidiary, First Bank of Georgia.


A cash and stock transaction is worth approximately $82 million, or $22.35 per share. The transaction value at the time of the merger may change due to fluctuations in the price of State Bank Financial common stock.

At March 31, 2014, First Bank of Georgia had total assets of approximately $523 million, total loans of approximately $317 million, total deposits of approximately $428 million and total shareholder's equity of approximately $59 million.

First Bank of Georgia is headquartered in Augusta, Georgia and operates seven banking offices in the Augusta metropolitan statistical area. In addition, the bank operates mortgage origination offices in the Augusta and Savannah, Georgia markets.

The agreement has been unanimously approved by the boards of directors of both companies and is anticipated to close in the first quarter of 2015. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval by the shareholders of Georgia-Carolina Bancshares.


 

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