News

FOR IMMEDIATE RELEASE

 

Hamilton State Bank Announces Acquisition of McIntosh State Bank

Braselton-based bank among first in Georgia to complete full reimbursement

BRASELTON, Ga. (June 17, 2011) — Hamilton State Bancshares, Inc., a locally owned and operated bank holding company based in Braselton, announced today that it has acquired certain assets and all deposits and other liabilities of McIntosh State Bank from the Federal Deposit Insurance Corporation.

The acquisition was completed pursuant to a purchase and assumption agreement on June 17, 2011 following approvals by the Georgia Department of Banking and Finance and the FDIC. 
 
All locations of McIntosh State Bank will reopen during their normal business hours beginning on Saturday, June 18, 2011, as branches of Hamilton State Bank.  McIntosh State Bank customers may continue to conduct normal banking business and will have access to all of their accounts. In addition, all outstanding McIntosh State Bank checks will be processed, and customers may continue to write McIntosh State Bank checks and use their ATM and debit cards.  McIntosh StateBank loan customers also should continue to make their regular payments. New and existing customers will receive additional information from Hamilton State Bank in the near future.

 “As a growing community bank that had ten branches, we look forward to this opportunity to broaden our bank’s market and serve new communities in Georgia,” said Hamilton State Bank Chairman and CEO Robert Oliver. “We welcome our new customers and assure them that they will be served by the same friendly professionals at each of the McIntosh State Bank branches in the days to come. We appreciate the loyalty of McIntosh State Bank customers and plan to enhance the high level of quality services to which they are accustomed.”

“Our goal is to have all Hamilton State Bank offices operating on the same system in the months to come in order to provide streamlined, consistent service to all our customers,” Oliver added.

Led by an executive team with decades of community banking experience, Hamilton State Bank is a wholly owned subsidiary of Hamilton State Bancshares Inc. The company focuses on conservative and sound banking practices.

Hamilton State Bancshares, Inc. recently completed a private offer and sale of common stock and securities convertible and exercisable into common stock that together resulted in proceeds of approximately $231.6 million.  The offering was led by investments in the company by affiliates of Angelo, Gordon & Co. and Tailwind Capital, each of which invested approximately $60 million.  Hamilton State Bancshares, Inc. and Hamilton State Bank are among the highest capitalized banking companies in the state of Georgia.

The acquisition solidifies Hamilton State Bank’s position as a full-service bank offering a variety of services to its customers from its offices in Barrow, Bartow, Cobb, Hall, Forsyth and Jackson counties in Georgia as well as its newest locations in Butts, Jasper and Henry counties. With the acquisition, Hamilton State now has approximately $1.012 billion in total assets, $806 million in deposits, and $138 million in total capital.

To learn more about Hamilton State Bank visit www.hamiltonstatebank.com.

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About Hamilton State Bancshares, Inc.

The Company is a Georgia corporation and a registered bank holding company. The Bank is a Georgia state bank and was established and commenced operations on September 20, 2004. Through the Bank, the Company specializes in providing commercial banking services to small to medium-sized businesses in north Georgia. The Company operates six full service branches: Braselton, Gainesville, Oakwood, Jefferson, Hoschton and Cumming, serving the four-county area of Jackson, Hall, Forsyth and Barrow counties. The Bank conducts a full range of banking services from its branch locations, including:  commercial, real estate and consumer lending; deposit products; cash management services; and personal, business and online banking services.  For more information, please visit www.hamiltonstatebank.com.

Cautionary statement regarding forward-looking statements

This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this press release, including among others: (1) developments in financial market and economic conditions; (2) delay or inability in obtaining regulatory approvals; and (3) legislative and regulatory developments; and (4) litigation.

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