ATLANTA, Sept. 10 /PRNewswire/ -- State Bank & Trust Company announced today that it has completed its holding company reorganization to become the wholly-owned subsidiary of State Bank Financial Corporation, a Georgia corporation headquartered at 415 East Paces Ferry Road in Atlanta. The holding company reorganization was completed July 23, 2010 following approval by the Board of Governors of the Federal Reserve System and the Georgia Department of Banking and Finance.  State Bank & Trust Company will continue to be headquartered in Macon.

"It has always been our strategy to create a bank holding company for State Bank," said Joe Evans, Chairman and CEO of both State Bank and State Bank Financial Corporation.  "With a holding company, we gain a great deal of flexibility in how we access capital and structure acquisitions in the future as we grow the bank."

Separately, State Bank also announced net income of $9.6 million in the quarter ended June 30, 2010. Return on average assets for the quarter was 1.5%, while return on average equity was 11.7%.  State Bank reported earnings-per-share of $0.30 for the second quarter of 2010 and a book value of $10.62 per share.

Total assets at the end of the second quarter were $2.6 billion, while total deposits were $2.2 billion. Shareholders' equity at June 30 was $335.0 million, representing 12.9% of total assets.  

For further financial information on the second quarter and year-to-date performance, see the financial tables accompanying this press release, or visit www.statebt.com.

"Despite the current challenging economic environment, State Bank has delivered solid earnings as we continue to manage the loss share protected assets we acquired from the FDIC over the last year," said Joe Evans, Chairman and CEO of State Bank. "I am also pleased that we have grown our core banking business, successfully integrated the technologies of all of our 2009 acquisitions onto one operating platform, and introduced mortgage lending throughout our Middle Georgia and Atlanta regions."

Since July 2009, State Bank has completed nine failed bank acquisitions from the FDIC. As a result of the acquisitions, State Bank is a market leader in Middle Georgia and has a significant presence in Metro Atlanta. Those FDIC-assisted transactions included the acquisition of certain assets and deposits of:  

• NorthWest Bank & Trust of Acworth, Georgia.
• The Buckhead Community Bank of Atlanta, and First Security National Bank in Norcross.  
• The six banks owned by Security Bank Corporation.  

State Bank Adds New Directors

In addition to the holding company and earnings announcement, State Bank also announced additions to its board of directors:

J. Thomas Wiley, Chairman, President and CEO of The Coastal Bank and its parent company, Coastal Bankshares Inc., joins the boards of State Bank Financial Corporation and State Bank & Trust. Prior to joining Coastal Bank in 2007, Wiley was Vice Chairman of Flag Financial Corp. and President and CEO of Flag Bank in Atlanta.

Stephen W. Doughty, State Bank Chief Banking Officer and Executive Risk Officer, joins the board of State Bank & Trust. Prior to joining State Bank, Doughty was vice chairman and Chief Credit Officer for Flag Financial Corporation and Flag Bank.

About State Bank Financial Corporation and State & Trust Company

State Bank Financial Corporation is the holding company for State Bank & Trust Company, one of Georgia's best-capitalized banks, with over $2.6 billion in assets throughout Middle Georgia and Metro Atlanta. State Bank has locations in Metro Atlanta, as well as Bibb, Houston, Dooly, and Jones counties in Middle Georgia.  

In 2009, State Bank acquired assets and deposits of the six bank subsidiaries of Security Bank Corporation, The Buckhead Community Bank and First Security National Bank in transactions facilitated by the Federal Deposit Insurance Corporation.  In 2010, State Bank acquired assets and deposits of NorthWest Bank & Trust of Acworth, Georgia.

State Bank raised $300 million in capital, including investments from the executive management team, to facilitate its acquisitions.

Over the past twenty-five years, State Bank Chairman and CEO Joe Evans and his management team have led some of Georgia's most successful community banks, including Flag Financial Corp., Century South Banks, and Bank Corporation of Georgia. State Bank's headquarters are in Macon, Georgia.

To learn more about State Bank, visit www.statebt.com .

STATE BANK & TRUST COMPANY

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SOURCE State Bank and Trust Company

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