MACON, Ga., Oct. 16, 2012 (GLOBE NEWSWIRE) -- State Bank and Trust Company announced today that it has purchased substantially all of the assets of Altera Payroll Inc., a leading payroll services company based in Macon, GA. Terms were not disclosed.
"State Bank is focused on deepening its relationships with its customers. Adding a best-in-class payroll services team creates a natural extension for those relationships," said Joe Evans, State Bank Chairman and CEO. "We have known and worked with the Altera team for many years, making this the right opportunity for State Bank."
Altera Payroll focuses on the payroll needs of small and medium-size businesses, offering the safety, security and technology of large providers with high-level, personal service expected from a smaller company. Altera's management team has been together for more than 11 years, previously running the payroll processing group for the former Flag Financial Corp., which was led by Evans and other State Bank executives before its sale in 2006.The payroll processing division will diversify State Bank's revenue beyond its existing lines of business. State Bank will keep the Altera name, retain all of the 18 Altera professionals as part of the State Bank team and operate the payroll company as a division of State Bank. "We have always tried to maintain the same values and service quality that have made State Bank one of the most successful banks in the United States. We look forward to once again working with Joe and his team to provide outstanding support to State Bank's customers throughout Georgia," said Derek Whitworth, a partner with Altera Payroll. Sterne, Agee & Leach, Inc. served as financial advisor to State Bank on this transaction. About State Bank Financial Corporation and State Bank and Trust Company State Bank Financial Corporation (Nasdaq:STBZ) is the holding company for State Bank and Trust Company, one of Georgia's best-capitalized banks, with approximately $2.67 billion in assets as of June 30, 2012. State Bank has locations in Metro Atlanta and Middle Georgia. State Bank Financial Corporation is headquartered in Atlanta, Georgia and State Bank and Trust Company is headquartered in Macon, Georgia.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV