MERGERS & ACQUIS TIONS
STATE BANK FINANCIAL will acquire AloStar Bank of
Commerce in an all cash transaction with a purchase
price estimated to be $196 million.
AloStar, founded in 2011 through the acquisition
of Nexity Bank, is headquartered in Birmingham, AL
and has a commercial office in Atlanta that houses
executive management and the lender finance and asset-based lending team.
The transaction is expected to be significantly accretive to 2018 and 2019
earnings per share and marginally dilutive to tangible book value per share with an
earn-back period of less than one and a half years.
“Andy McGhee leads a talented team of bankers at AloStar, and we are very
pleased they will be joining the State Bank team,” said State Bank CEO Tom Wiley.
“This merger adds a complementary lender finance line of business and scalable
asset-based lending platform, which will further diversify our loan portfolio. In
addition, the all cash consideration provides meaningful earnings accretion while
efficiently leveraging our excess capital.”
The agreement was unanimously approved by the boards of directors of both
companies and AloStar’s shareholders and is anticipated to close in Q4/17.
Barclays Capital served as financial advisor, and Nelson Mullins Riley &
Scarborough served as legal counsel to State Bank. Keefe, Bruyette & Woods
served as financial advisor, and Skadden, Arps, Slate, Meagher & Flom served as
legal counsel to AloStar. n
PNC BANK added Michael Keenan,
Katie Marshall and Aimee LeWinter
to its secured finance teams.
Keenan, based in Chicago, joined
as senior vice president and business
development officer. Previously, he
served as a business development
officer with Ares Commercial
Finance, providing asset-based
loans to middle market companies,
including those in distressed
situations and start-ups.
Marshall transitioned to vice
president and business development
officer with the senior secured
financing team based in Dallas.
She is responsible for new business
development, originating asset-based
and cash flow financing for private
equity firms and middle market
companies in North Texas and
Oklahoma. Marshall most recently
served as a business development
officer in the Upper Midwest region.
Le Winter, a 13-year banking
veteran, has transitioned to senior
vice president and business
development officer with the senior
secured financing team based in Fort
Lauderdale, FL. She is responsible
for new business development,
originating asset-based and cash
flow financing for private equity firms
and middle market companies in the
Southeast. LeWinter joined PNC in
2010 and most recently served as a
middle market relationship manager. n
WHI TE OAK ASSE T FINANCE appointed Stephen M. Metivier to
serve as managing director.
Metivier will be responsible for originating, structuring
and supporting asset-based loan facilities with a focus on
the retail industry.
Before joining White Oak, Metivier served as head of
Retail Finance Originations at TD Bank — ABL Division,
Wells Fargo Retail Finance and GE Capital’s Retail &
“Stephen has nearly three decades of asset-based lending experience and
has worked with some of the world’s largest retailers,” said Andre A. Hakkak,
CEO and co-founder, White Oak Global Advisors. “We look forward to him
bringing his deep relationships and expertise to our organization as we continue
to expand our retail lending solutions.” n