Georgia’s Own CU To Purchase State Bank of Georgia
Subject to Regulatory Approval
ATLANTA–The $2.3-billion Georgia’s Own Credit Union announced that it has reached an agreement to buy $90-million State Bank of Georgia, based in Fayetteville, Ga.
The agreement has been approved by the board of directors of each institution. The acquisition is structured as an asset purchase and is expected to be completed in the second quarter of 2018, subject to approvals from state and national regulators and bank shareholders, the CU stated.
The 23-branch Georgia’s Own will pick up State Bank of Georgia’s one office. The bank has been marginally profitable over the last two years, showing $638,000 in net income through June 30, 2017.
Statement from Georgia's Own CU President & CEO:
“We are thrilled that State Bank of Georgia has chosen to partner with Georgia’s Own, as we feel their extremely high standards of service and commitment to member prosperity so perfectly complement those of our own,” said Dave Preter, president and CEO of Georgia’s Own. “It is evident in the relationships that they’ve established with their customers, their employees, and the Fayetteville community that they will be an invaluable piece of our growth as we continue to expand our operations across the state.”
Statement from State Bank of Georgia's Chairman
“We are excited to bring our valued customers the opportunity to bank with Georgia’s Own,” said Lacy Curry, acting chairman of the board at State Bank of Georgia. “In addition to making available more extensive loan options, lower loan rates, higher deposit yields and a broader service platform, their culture, philosophy and commitment to excellence in customer service are aligned with those of State Bank of Georgia. We believe that the combination will provide significant synergies, scalability and other benefits to our community and customers.”
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation