ATLANTA, Nov. 27, 2013 (GLOBE NEWSWIRE) -- State Bank Financial Corporation (Nasdaq:STBZ) announced today that David C. Brown has been named Executive Vice President for Corporate Development, reporting to State Bank Vice-Chairman Steve Doughty. Mr. Brown has been the Managing Principal of Sagus Partners and the Sagus Financial Fund, a leading community bank investment fund since 2007.
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Mr. Brown and Bankers' Capital Group, LLC started Sagus in 2007 to create a fund that invested in publicly traded community banks. The principals of Bankers' Capital Group led the $300 million recapitalization of State Bank and Trust Company in 2009, which is now the wholly owned subsidiary of State Bank Financial Corporation, and are all currently members of its executive management team.Sagus recently announced that it would close down after a very profitable run and return capital to its investors at the end of 2013. Mr. Brown commented that, "Sagus was a very successful venture for our investors, in part due to the outstanding working relationship with my partners from State Bank. I am confident that our success will continue going forward." "We first worked with David when he was an investment banker who advised us at Flag Financial Corporation in 2002, and continuing through the sale of Flag Bank in 2006. He subsequently partnered with Bankers' Capital Group to do an outstanding job leading Sagus," said State Bank Chairman Joe Evans. "His knowledge and intuition about the financial services industry will make him a valuable addition as we explore potential acquisitions of banks and other companies that will accelerate the growth trajectory of State Bank."