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State Bank Financial merges with Georgia-Carolina Bancshares

Staff writer |
State Bank Financial Corporation announced the completion of its merger with Georgia-Carolina Bancshares. The merger was completed on January 1, 2015, at which time Georgia-Carolina Bancshares was merged into State Bank Financial.

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First Bank of Georgia, a wholly-owned bank subsidiary of Georgia-Carolina Bancshares, will become a separate bank subsidiary of State Bank Financial.

At September 30, 2014, First Bank of Georgia had approximately $525 million of total assets, $333 million of loans, $426 million of deposits and seven banking offices in the Augusta, Georgia market.

With this transaction completed, State Bank Financial has approximately $3.3 billion in total assets and 28 banking offices in the Metro Atlanta, Middle Georgia and Augusta, Georgia MSAs.

Under the terms of the merger agreement, shareholders of GECR common stock received $8.85 in cash and .794 shares of STBZ common stock for each outstanding share of GECR common stock.

The number of STBZ shares issued in the merger is based on the average trading price of STBZ common stock during the 20-trading-day period ended December 23, 2014.

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