ATLANTA, Oct. 21, 2011 /PRNewswire/ -- Today the Georgia Department of Banking and Finance closed Community Capital Bank, headquartered in Jonesboro, Georgia and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. In a transaction facilitated by the 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 Community Capital 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 22, 2011, Community Capital Bank's main office at 2236 Mt. Zion Road in Jonesboro and its branch at 655 North Jeff Davis Drive in Fayetteville will reopen as branches of State Bank & Trust Company.
"We welcome Community Capital Bank's clients to State Bank as we continue in our goal to grow our banking franchise in the Metro Atlanta area," said Michael S. Sims, Atlanta Regional President of State Bank. "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, Community Capital Bank reported total assets of approximately $181 million and total deposits of approximately $166 million. Clients of Community Capital 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV