On March 31, Bank of Atlanta had approximately $198 million of total assets, $123 million of loans and $161 million of deposits. Bank of Atlanta is headquartered in midtown Atlanta and operates one additional banking office in Duluth.
State Bank Financial has agreed to pay approximately $25 million in cash for all outstanding shares of Atlanta Bancorporation. The agreement has been unanimously approved by the Boards of Directors of both companies and is expected to close no later than the fourth quarter of 2014. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval by Atlanta Bancorporation shareholders.
Additional information regarding this transaction will be available when State Bank Financial announces its financial results for the first
quarter ending March 31, 2014 today with a conference call scheduled for 10 a.m. the same morning.
Atlanta Bancorporation was represented in this transaction by FIG Partners LLC as financial advisor and Bryan Cave LLP as legal counsel. State Bank Financial was represented by Nelson Mullins Riley & Scarborough LLP as legal counsel.