By Lisa Kerner
Charlotte, N.C., Nov. 2 - SunTrust Banks, Inc. agreed to acquire GB&T Bancshares, Inc. in a move designed to strengthen SunTrust's presence in "several high-growth Georgia markets."
The companies' merger agreement calls for GB&T shareholders to receive 0.1562 of a share of SunTrust common stock for each share of GB&T common stock held in a deal valued at an estimated $153.7 million.
The merger is slated to close in the second quarter of 2008 and is subject to shareholder approval.
SunTrust plans to integrate GB&T into its Atlanta banking region where it currently operates 212 branches.
"With this transaction we're taking advantage of an unusually attractive and timely opportunity to efficiently expand our Metro Atlanta franchise in line with our long-term growth strategies," SunTrust president and chief executive officer James M. Wells III said in a company news release.
GB&T is a multi-bank holding company located in Gainesville, Ga.
Atlanta-based SunTrust is the holding company for SunTrust Bank.
| Acquirer: | SunTrust Banks, Inc.
|
| Target: | GB&T Bancshares, Inc.
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| Announced: | Nov. 2
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| Transaction total: | $153.7 million
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| Price per share: | 0.1562 of a SunTrust share
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| Expected closing: | Second quarter of 2008
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| Stock price of acquirer: | NYSE: STI: $69.13 on Nov. 1
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| Stock price of target: | Nasdaq: GBTB: $8.80 on Nov. 1
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