State Bank Financial has signed a definitive agreement to acquire Georgia-Carolina Bancshares and its wholly-owned subsidiary, First Bank of Georgia.
Under the terms of the transaction, State Bank Financial will pay nearly $82m, or $22.35 per share, for the takeover of Carolina Bancshares.
State Bank Financial chairman and CEO Joe Evans said, "This merger will give us the opportunity to enter the Augusta market with a strong management team that has been a significant part of the local community for over 25 years."
First Bank of Georgia president and CEO Remer Brinson III commented, "The strength and resources provided by State Bank will enable us to expand the products and services available to our customers."
First Bank of Georgia had total assets of nearly $523m, total loans of about $317m, total deposits of almost $428m, and total shareholder’s equity of nearly $59m, as of 31 March 2014.
Augusta-headquartered First Bank of Georgia runs seven banking offices in the Augusta metropolitan statistical area.
The transaction has been unanimously approved by the boards of directors of both companies, and is expected to complete in the first quarter of 2015, pending regulatory and shareholders’ approvals.