Georgia banking officials today announced that State Bank and Trust co. has agreed to acquire the assets and deposits of six community banks operated by Security Bank Corp, raising $300 million in capital for the acquisition.

The acquisition became effective at the close of business of Friday, after regulators closed the banks and named the Federal Deposit Insurance Corporation as receiver. The FDIC then approved the acquisition.

The bank branches will reopen on Saturday as branches of State Bank, the institution said in a released statement today.

FBR Capital Markets served as placement agent to help State Bank raise the funds, including investments from the executive management team, according to the statement.

The six bank charters involved in the State Bank acquisition, according to State Bank and Trust are:

Security Bank of Bibb County in Macon and Griffin, Georgia;
Security Bank of Houston County in Perry and Warner Robins, Georgia;
Security Bank of Jones County in Gray, Georgia;
Security Bank of North Metro in Woodstock, Georgia;
Security Bank of North Fulton in Alpharetta, Georgia
Security Bank of Gwinnett County in Suwanee, Georgia.

Security Real Estate Services Inc., a subsidiary of Security Bank of Bibb County and formerly known as Fairfield Financial, is not part of the acquisition.

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