State Bank Financial Corporation Completes Merger Transaction with AloStar Bank of Commerce
October 02 2017 - 7:00AM
State Bank Financial Corporation (the “Company”), (NASDAQ:STBZ),
the holding company for State Bank and Trust Company (“State
Bank”), announced today that it has completed its merger with
AloStar Bank of Commerce (“AloStar”), 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.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as: “will,” “intend,” “anticipate,” “plan,” “seek,”
“believe,” “expect,” “strategy,” “future,” “likely,” “project,”
“may,” “should,” and similar references to future periods. Examples
of forward-looking statements include, among others, statements
regarding the expected conversion date of AloStar’s operating
systems into State Bank’s existing operating system and that the
transaction will diversify State Bank’s loan portfolio and
meaningfully enhance our earnings potential. Such
forward-looking statements are subject to risks, uncertainties, and
other factors, including, without limitation, the
following:
- the conversion of AloStar’s operating systems and procedures
may take longer than anticipated or may be more costly than
anticipated or have unanticipated adverse results relating to the
Company’s or AloStar’s existing businesses;
- the merger may be more expensive to complete and the
anticipated benefits, including anticipated cost savings and
strategic gains, may be significantly harder or take longer to
achieve than expected or may not be achieved in their entirety as a
result of unexpected factors or events;
- the Company’s ability to achieve anticipated results from the
transaction is dependent on the state of the economic and financial
markets going forward;
- the reaction to the transaction of each bank’s customers,
employees and counterparties, or difficulties related to the
transition of services;
- the challenges of integrating, retaining and hiring key
personnel; and
- the failure to attract new customers and retain existing
customers in the manner anticipated.
Additional risks and uncertainties are also contained in the
“Risk Factors” and forward-looking statements disclosure in our
most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, any or all of which could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. Although we believe that the
assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove to be inaccurate.
Therefore, we can give no assurance that the results contemplated
in the forward-looking statements will be realized. The inclusion
of this forward-looking information should not be construed as a
representation by the Company or any person that future events,
plans, or expectations contemplated by the Company will be
achieved. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Investor Relations Contact: Sheila Ray 404.239.8684 /
sheila.ray@statebt.com
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