ATLANTA, Dec. 17, 2010 /PRNewswire/ -- The Office of the Comptroller of the Currency announced today that State Bank & Trust Company has agreed to acquire assets and deposits of United Americas Bank NA, headquartered in Atlanta, Georgia, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).
Beginning December 18, 2010, United Americas Bank's two branches – 3789 Roswell Road in Atlanta and 4997 Buford Highway in Chamblee, Ga. – will become branches of State Bank & Trust Company.
The acquisition became effective at the close of business on Friday, after regulators closed United Americas 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 transaction marks the second acquisition for State Bank this year, and its tenth acquisition overall since acquiring the deposits and certain assets of the six bank subsidiaries of Security Bank Corporation in July 2009.
"State Bank is pleased to have been awarded another opportunity to grow its presence in our Metro Atlanta network," said Steven Deaton, Atlanta Regional President of State Bank. "This is also an opportunity for State Bank to broaden our capabilities in serving Atlanta's international community, which has been a mainstay for United Americas Bank since its founding."
"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."
United Americas Bank was founded in 1999. As of September 30, 2010, the bank reported total assets of about $242 million and total deposits of about $193.8 million.
Customers of United Americas Bank should continue to use their existing branches, checks, ATM and 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 Financial Corporation and State Bank & Trust Company
State Bank Financial Corporation is the Atlanta-based holding company for State Bank & Trust Company, one of Georgia's best-capitalized banks, with over $2.7 billion in assets throughout Middle Georgia and Metro Atlanta. State Bank has locations in Metro Atlanta and 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
SOURCE State Bank and Trust Company