Georgia Department of Banking and Finance has announced that State Bank and Trust, has agreed to acquire assets and deposits of the six community banks operated by Security Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). State Bank raised approximately $300 million in capital to support the acquisition.
The acquisition became effective on July 24, 2009, after state regulators closed the banks and named the FDIC as receiver. The FDIC then approved the whole bank acquisition with loss share of the six Security Bank banks by State Bank, which includes all deposits as well as certain loans and other assets. Clients of Security Bank can continue to use their existing branches, checks, ATM or debit cards.
The Georgia based six Security Bank bank charters involved in the State Bank acquisition are located in Bibb County in Macon and Griffin, Houston County in Perry and Warner Robins, Jones County , North Metro in Woodstock, North Fulton in Alpharetta, and Gwinnett County in Suwanee.
Reportedly, the bank branches in Middle Georgia and North Metro Atlanta previously owned and operated by the six bank charters of Security Bank, headquartered in Macon, will reopen as branches of State Bank.
Joe Evans, who led State Bank and Trust the will serve as chairman and chief executive officer and Speight, as vice chairman and chief operating officer of the State Bank.
