ST Hldgs, a bank holding
company formed to invest in community banks, said in a Monday press release
that it bought the $34 million-asset Rochelle State on June 4. The company did
not disclose the price it paid.
“ST Hldgs … and Rochelle
State Bank remain committed to Wilcox County and southern Georgia,” Rajib Das,
chairman of ST Hldgs and Rochelle State, said in the release.
“As part of this
acquisition, we have invested additional capital to bolster the bank’s capital
base and are adding seasoned bank management to the leadership team to support
our growth objectives," Das added.
Len Davenport, Rochelle State’s
president and CEO, and Bryan Wilder, an executive vice president, will remain
with the bank.
“The additional capital
further strengthens Rochelle State Bank’s balance sheet, allowing for more and
larger opportunities to serve customers and the community," Davenport said in the release. "We take tremendous
pride in being a community bank and are making significant investments in
technology and local talent to further enhance our customer experience."
Rochelle State lost $70,000
in the first half of 2021, according to its call report.
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