ST Hldgs in Orlando, Fla., has acquired Rochelle State Bank in Rochelle, Ga.
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.