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07/31/09 - State Bank & Trust to Acquire Six Community Banks
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MACON, GA - Georgia Department of Banking and Finance announced that State Bank and Trust Company, led by veteran bank executive Joe Evans, has agreed to acquire assets and deposits of the six community banks operated by Security Bank Corp. in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). State Bank raised approximately $300 million in capital to support the acquisition.
Bank branches in Middle Georgia and North Metro Atlanta previously owned and operated by the six bank charters of Security Bank Corp., headquartered in Macon, will reopen on Saturday morning as branches of State Bank.
Evans, a native of nearby Smarr, Georgia, is the former CEO of Flag Financial Corp., Century South Banks, and Bank Corporation of Georgia. His banking career spans over 30 years serving communities in Middle and North Georgia. Evans has partnered with Dan Speight and Kim Childers, both of whom were previously senior executives with Flag Financial.
Speight, who resides in Pinehurst, Georgia, spent more than 20 years with Citizens Bank of Vienna and Flag Bank, where he was CEO of Citizens Bank and vice chairman/director of Flag Bank. He will serve as State Bank's vice chairman and chief operating officer.
Childers, from Fort Valley, Georgia, will be State Bank's president and chief credit officer. He held a number of senior positions with Bank Corporation of Georgia, Century South Banks, Flag Bank and RBC Centura Bank after its acquisition of Flag, including executive vice president/chief credit officer.
To enable the purchase, Evans, Speight, and Childers worked with State Bank and Trust, a five-year-old community bank in Pinehurst, Georgia. With FBR Capital Markets serving asplacement agent, State Bank raised close to $300 million, including investments from the executive management team.
The six bank charters involved in the State Bank acquisition are: Security Bank of Bibb County in Macon and Griffin, Georgia; Security Bank of Houston County in Perry and Warner Robins, Georgia; Security Bank of Jones County in Gray, Georgia; Security Bank of North Metro in Woodstock, Georgia; Security Bank of North Fulton in Alpharetta, Georgia and Security Bank of Gwinnett County in Suwanee, Georgia. Security Real Estate Services Inc., a subsidiary of Security Bank of Bibb County and formerly known as Fairfield Financial, is not part of the acquisition.
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