State Bank Financial, parent of State Bank and Trust Company, has agreed to acquire Alabama-based AloStar Bank of Commerce in an all cash deal worth around $196m.
AloStar reported total assets of around $944m, total loans of about $763m, total deposits of about $715m, and total shareholders’ equity of about $193m at the end of March 2017.
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The deal already received the approval of the companies’ boards of directors, and is expected to be completed in the fourth quarter of 2017 subject to regulatory nod.
State Bank expects the deal to be “significantly accretive” to 2018 and 2019 earnings per share.
State Bank CEO Tom Wiley said: “This merger adds a complementary lender finance line of business and scalable asset-based lending platform, which will further diversify our loan portfolio. In addition, the all cash consideration provides meaningful earnings accretion while efficiently leveraging our excess capital.”
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