State Bank Financial in Atlanta has agreed to buy S Bankshares in Glennville, Ga.
The $3.5 billion-asset State Bank said in a press release Thursday that it will pay $11 million, or $56.70 a share, in cash and stock for the $109 million-asset parent of S Bank. The deal is expected to close in the third quarter.
S Bank has $95 million of deposits, $79 million in loans and branches in the Georgia communities of Glennville, Hinesville, Reidsville and Savannah.
Savannah "is one of Georgia's most dynamic markets," Tom Wiley, State Bank's president, said in the release. "Having lived and banked there for more than 17 years, I believe we can utilize the S Bank platform as a launching pad for building something special."
State Bank said it expects the deal to be 2% accretive to its 2017 earnings per share. It should take the company less than two years to earn back the roughly 0.3% dilution to its tangible book value per share.
S Bankshares was advised by Banks Street Partners and Womble Carlyle Sandridge & Rice. State Bank was advised by Nelson Mullins Riley & Scarborough.