State Bank Financial Corporation (NASDAQ: STBZ), which is the holding company for State Bank and Trust Company, as well as S Bankshares, Inc. disclosed a deal to acquire S Bankshares and its wholly-owned subsidiary, S Bank. The transaction is valued about $11 million or $56.70 a share and payable in a cash and stock.
At the end of March, S Bankshares had assets of about $109 million, total loans of about $79 million, and total deposits of approximately $95 million. Its total shareholder's equity was about $11 million. S Bank has banking presence in Savannah, Glennville, Reidsville, and Hinesville, Georgia.
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State Bank and Trust CEO, Tom Wiley, commented, "The port city of Savannah is one of Georgia's most dynamic markets. Having lived and banked there for more than seventeen years, I believe we can utilize the S Bank platform as a launching pad for building something special."
Similarly, Mark Smith, Chairman of S Bank, stated, "Tom Wiley and Joe Evans have a long history of banking success in Savannah and delivering returns for Savannah investors, myself included. Our board is very pleased to be going into business with them. This merger will be both financially rewarding to S Bank shareholders and good for our community."
The company indicated the transaction is expected to be 2 percent accretive to its 2017 earnings per share and approximately 0.3 percent dilutive to tangible book value per share with an earn-back period of less than two years.
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