State Bank Financial (STBZ) to Acquire NBG Bancorp in $68M Deal
Troutman Sanders was mentioned in an April 5 Street Insider article (and others) about State Bank Financial Corporation, the holding company for State Bank and Trust Company, and NBG Bancorp, Inc. announcing the signing of a definitive agreement for State Bank Financial to acquire NBG Bancorp and its wholly-owned subsidiary, The National Bank of Georgia; the deal, composed of cash and stock, is valued at approximately $68 million, or $45.45 per share.
The agreement has been unanimously approved by the Boards of Directors of both companies and is anticipated to close in the third quarter of 2016. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval by the shareholders of NBG Bancorp.
Atlanta partners Tom Powell and Brad Resweber led a team of Troutman Sanders lawyers that served as legal counsel for NBG Bancorp in the deal.