State Bank & Trust Acquires Assets and Deposits of NorthWest Bank & Trust from FDIC

ATLANTA, July 30 /PRNewswire/ -- The Georgia Department of Banking and Finance announced today that State Bank & Trust Company has agreed to acquire assets and deposits of NorthWest Bank & Trust, headquartered in Acworth, Georgia, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).

Beginning July 31, 2010, NorthWest Bank & Trust's two branches – 3891 Cobb Parkway in Acworth, Ga. and 250 Church Street, in Marietta, Ga. – will become branches of State Bank & Trust Company.

The acquisition became effective at the close of business on Friday, after regulators closed NorthWest and named the FDIC as receiver. The FDIC then approved the whole bank acquisition with loss share by State Bank, which includes all deposits as well as certain loans and other assets.

State Bank is one of Georgia's healthiest and best capitalized community banks with branches in Middle Georgia and Metro Atlanta.  State Bank was determined the winning bidder after submitting to the FDIC a bid for the assets and deposits.  This marks the first 2010 FDIC transaction that State Bank has completed:

• In July, 2009, State Bank acquired certain assets and deposits of the banks owned by Security Bank Corporation. That acquisition made State Bank the market leader in Middle Georgia with a presence in Metro Atlanta.
• In December, 2009, State Bank acquired certain assets and deposits of The Buckhead Community Bank of Atlanta, and First Security National Bank in Norcross.

"Through this acquisition, State Bank is again leveraging its strong balance sheet and asset management expertise to resolve failed banks in Georgia," said Steven Deaton, Atlanta Regional President of State Bank. "We are also pleased that State Bank will offer services in Cobb County as part of our Metro Atlanta network."

Deaton adds: "Our first order of business is to assure customers that their deposits are safe, sound and readily accessible. State Bank is one of the healthiest financial institutions in Georgia, with a sound balance sheet and very strong capital ratios." As of June 30, 2010, six-year-old NorthWest Bank reported assets of about $167 million and deposits of about $160 million.

Customers of NorthWest Bank should continue to use their existing branches, checks, ATM or debit cards. If clients have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, including contacting their local branch. Both branches will be open during their normal days and hours as in the past.

For more information, bank customers can contact State Bank at 1.800.414.4177 or visit their branch location. They can also go to www.StateBT.com.

About State Bank & Trust Company

State Bank and Trust Company is one of Georgia's best-capitalized banks, with $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 Security Bank, The Buckhead Community Bank and First Security National Bank in transactions facilitated by the Federal Deposit Insurance Corporation.  State Bank raised almost $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