“We are very pleased that Remer Brinson and his team at First Bank of Georgia will be joining the State Bank family,” said Joe Evans, chairman and CEO of State Bank Financial. “This merger will give us the opportunity to enter the Augusta market with a strong management team that has been a significant part of the local community for over 25 years. The First Bank of Georgia team shares our core values and will be a great fit with our company. By combining our resources, we believe we will be able to deliver a higher level of service to our customers,employees and shareholders than either of us could apart.”
As of March 31, 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 and operates seven banking offices in the Augusta metropolitan statistical area. The bank also operates mortgage origination offices in the Augusta and Savannah 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.
Georgia-Carolina Bancshares was represented in this transaction by SunTrust Robinson Humphrey as financial advisor and Smith, Gambrell & Russell, LLP as legal counsel. FIG Partners LLC provided a fairness opinion to Georgia-Carolina Bancshares. State Bank Financial was represented by Nelson Mullins Riley & Scarborough LLP as legal counsel.
A replay of Tuesday’s conference call will be available for 30 days in the Investors section on State Bank Financial’s website at www.statebt.com. A supplemental presentation with additional information regarding the transaction will also be available in the Investors section on the website.