The National Bank of Georgia (NBG), along with its parent company NBG Bancorp, Inc., have been acquired for roughly $68 million, according to a statement made by the involved parties this week.
State Bank and Trust Company (SBTC), a subsidiary of State Bank Financial Corporation, said via a media release their parent company will absorb NBG Bancorp, Inc. in a move that is anticipated to close in the third quarter of 2016. Upon completion of that transaction, NBG will follow suit by merging into SBTC.
The acquistion sees SBTC take hold of an additional $375 million in NBG assests, a figure representative of the company as of December 31, 2015.
C. William Hopper III, NBG's President and CEO, released a statement on the merger as the agreement went public.
"We are excited about this partnership due to our long-standing relationship with the managment team at State Bank," he said. "We believe our customers and communities will see tremendous benefits as the strength and resources provided by State Bank will allow us to offer an expanded line of products and services to clients."
Founded in 2000, the Athens-based NBG has a banking office in Gainesville, as well as a mortgage office in Athens.
State Bank and Trust CEO Tom Wiley also issued a statement on the merger, saying: "This merger will give us the opportunity to enter the Athens and Gainesville markets with a strong managment team that has been a significant part of each local community for over 30 years. These are both strong and resilient markets that have shown steady growth over the years and are antural extensions of our existing footprint."
SBTC operates 26 banking offices throughout Metro Atlanta and middle Georgia, as well as "7 mortage origination offices." Atlanta-based parent company State Bank Financial Corporation holds roughly $3.5 billion in assests as of December 21, 2015.
