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.