State Bank Financial in Atlanta has agreed to buy NBG Bancorp in Athens, Ga.
The $3.5 billion-asset State Bank said in a press release Tuesday that it will pay $68 million, or $45.45 a share, in cash and stock for the $375 million-asset parent of the National Bank of Georgia. The deal is expected to close in the third quarter.
“This merger will give us the opportunity to enter the Athens and Gainesville markets with a strong management team that has been a significant part of each local community for over 30 years,” Tom Wiley, State Bank and Trust's chief executive, said in the release. “These are both resilient markets that have shown steady growth over the years and are natural extensions of our existing footprint.”
NBG Bancorp was advised by Renova Partners and Troutman Sanders. State Bank was advised by Nelson Mullins Riley & Scarborough.