MACON, Ga., Oct. 14, 2011 /PRNewswire/ -- Today the Georgia Department of Banking and Finance closed Piedmont Community Bank, headquartered in Gray, Jones County, Georgia and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. In a transaction facilitated by FDIC, State Bank & Trust Company, a wholly owned subsidiary of State Bank Financial Corporation (NASDAQ: STBZ), has agreed to acquire substantially all of the assets and deposits of Piedmont Community Bank.
State Bank & Trust Company entered into a purchase and assumption agreement with a loss share arrangement with the FDIC, which includes all deposits as well as certain loans and other assets. The acquisition became effective at the close of business today.
Beginning October 15, 2011, Piedmont Community Bank's main office at 110 Bill Conn Parkway in Gray and its branch at 1611 Bass Road in Macon will become branches of State Bank & Trust Company.
"We welcome Piedmont Community Bank's customers to State Bank," said Eddie Wilson, Middle Georgia Regional President of State Bank. "State Bank has many years of experience serving Middle Georgia, including Gray and Jones County, and it is our goal to make the transition for Piedmont Bank customers as smooth as possible.""Our first order of business is to assure clients that their deposits are safe, sound and readily accessible. State Bank is one of the healthiest financial institutions in Georgia, with a sound balance sheet and very strong capital ratios." As of June 30, 2011, Piedmont Community Bank reported total assets of approximately $202 million and total deposits of approximately $181 million. Clients of Piedmont Community Bank should continue to use their existing branches, checks, ATM and debit cards. If clients have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, including contacting their local branch. Both offices will be open during their normal days and hours.