A team of Womble Carlyle attorneys successfully guided S Bankshares, Inc. (“S Bankshares”), the parent company of S Bank, in its acquisition by State Bank and Trust Corporation (“State Bank Financial”), parent company of State Bank And Trust Company.
State Bank Financial will acquire S Bancshares in an $11 million cash and stock purchase, or $56.70 per share. S Bankshares has banking operations in Savannah, Glennville, Reidsville, and Hinesville, Ga. As of March 31, 2016, S Bank had total assets of approximately $109 million, total loans of approximately $79 million, and total deposits of approximately $95 million.
The transaction is expected to close in the third quarter of 2016.
Womble Carlyle attorneys Steve Dunlevie, James Daniel, Matt Latrick, Bill Long and Adam Wheeler worked on the transaction. Banks Street Partners, LLC, also guided S Bankshares as financial advisor.
Steve Dunlevie chairs Womble Carlyle’s Financial Institutions Team. He has more than 35 years of experience in counseling financial institutions in bank regulatory matters, capital formation and corporate finance, mergers and acquisitions, problem asset resolution, and matters relating to the duties of financial institution officers and directors. Dunlevie has consistently been rated by Chambers USA international rating service as one of America’s leading bank lawyers.
James Daniel’s practice is devoted to advising employers and individuals concerning employee benefit plans and executive compensation. He has 30 years of experience in employee benefits law. Daniel practices in Womble Carlyle’s Charlotte, N.C. office.
Matt Latrick assists clients in compliance with federal and state securities laws and regulations, including both public and private companies. Latrick’s securities practice involves both the public and private placement of securities as well as assisting clients in their ongoing Securities and Exchange Commission reporting obligations.
Bill Long has been engaged in complex commercial litigation since 1979. Throughout that time, one of his primary areas of emphasis has been that of restrictive covenants, noncompete agreements, trade secrets, unfair competition, and breaches of duties of loyalty and fiduciary obligations. Long also handles financial institution litigation, securities litigation, Uniform Commercial Code cases, and general corporate and business litigation.
Adam Wheeler is an experienced corporate and securities attorney who advises financial institutions and their holding companies, investment banking firms, investment advisors and broker-dealers as well as industrial companies in public and private securities offerings, recapitalizations, mergers, acquisitions and other complex corporate transactions. In addition, he counsels clients on corporate governance matters and federal and state securities law matters, including Sarbanes-Oxley, SEC, NYSE and NASDAQ rules.