Georgia-based State Bank Financial has reached an agreement to purchase Atlanta Bancorporation and its subsidiary, Bank of Atlanta, in a deal valued at approximately $25m in cash.
Bank of Atlanta had assets of nearly $198m, approximately $123m of loans and about $161m of deposits as of 31 March 2014.
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State Bank had almost $2.6bn in assets as of the end of 2013 and operates 19 branches across middle Georgia and metro Atlanta.
Commenting on the acquisition, State Bank Financial chairman and CEO, Joe Evans, said: "Bank of Atlanta will be a very positive addition to State Bank.
"We believe it will give State Bank a much larger and more visible presence in midtown Atlanta, an expanded presence in Gwinnett County and enhanced capability in our SBA [Small Business Administration] programs."
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