ATLANTA, Oct. 02, 2017 (GLOBE NEWSWIRE) -- State Bank Financial Corporation, (NASDAQ:STBZ), the holding company for State Bank and Trust Company, announced today that it has completed its merger with AloStar Bank of Commerce, for $197.6 million in cash. The merger was completed on September 30, 2017, at which time AloStar was merged into State Bank.
At June 30, 2017, AloStar had approximately $945 million of total assets, $783 million of loans, and $704 million of deposits. The conversion of AloStar’s operating systems into State Bank’s existing operating system is expected to be completed in March 2018.
“We are thrilled to welcome our new clients and team members from AloStar to the State Bank team,” said State Bank CEO Tom Wiley. “In addition to helping leverage our capital, this transaction brings a great team of bankers led by Andy McGhee and a scalable asset-based lending platform that will diversify our loan portfolio and meaningfully enhance our earnings potential.”
Andy McGhee, President and CEO of AloStar, added, “State Bank shares the same set of core values and a commitment to exceptional service that helped us build AloStar. As part of an organization with the capital and strength of State Bank, we can enhance the value we provide our clients through an expanded set of products and services.”
With this transaction complete, as of September 30, 2017, State Bank had approximately $5.0 billion in total assets, with full service banking offices in seven of the eight largest MSAs in Georgia, and offers equipment finance, lender finance, SBA lending, and asset based lending nationwide.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ:STBZ), with approximately $5.0 billion in assets as of September 30, 2017, is an Atlanta-based bank holding company for State Bank and Trust Company. State Bank operates a full service banking business and offers a broad range of commercial and retail banking products to our customers throughout seven of Georgia’s eight largest MSAs.
To learn more about State Bank, visit www.statebt.com.