ServisFirst Bancshares, Inc. completed the acquisition of Metro Bancshares, Inc.
January 30, 2015
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ServisFirst Bancshares, Inc. (NasdaqGS:SFBS) signed a definitive agreement to acquire Metro Bancshares, Inc. for $41.1 million in cash and stock on October 20, 2014. The consideration include issue of 0.63 million shares of ServisFirst and payment of $22.83 million in cash. Under the terms of agreement, Metro Bank (Douglasville, GA) subsidiary of Metro Bancshares will merge into ServisFirst Bank. The transaction has received approval from Board of Directors of ServisFirst and Metro Bancshares. The transaction is subject to approval from Metro Bancshares shareholders, regulatory approvals and the satisfaction of customary closing conditions and expected to close in the first quarter of 2015. Metro has $141 million in loans, $196 million in deposits. David W. Ghegan, Neil Kinnebrew and Candice Priest of Troutman Sanders LLP acted as legal advisor to Metro Bancshares, Inc. Dorothy D. Pak and Paul S. Ware of Bradley Arant Boult Cummings LLP acted as legal advisor to ServisFirst Bancshares, Inc. Burke Group, LLC acted as financial advisor for Metro Bancshares, Inc. Pursuant to the terms of the engagement, Burke Group received an initial, nonrefundable retainer fee of $5,000 and a nonrefundable monthly fee of $5,000 for a period of three additional months. Upon consummation of the merger, Burke Groupwill receive a fee comprised of 0.50% of the fair market value of the total consideration received by all of Metro's shareholders, warrant holders, and option holders.
ServisFirst Bancshares, Inc. (NasdaqGS:SFBS) completed the acquisition of Metro Bancshares, Inc. on January 31, 2015.
ServisFirst Bancshares, Inc. is a bank holding company. Through its subsidiary ServisFirst Bank (the Bank), provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. The Bankâs principal business is to accept deposits from the public and to make loans and other investments. The Company also operates loan production offices in Florida. Through the bank, the Company originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. The Banks offers a range of loans to retail customers in the communities. Bank's consumer loans include home equity loans (open and closed-end), vehicle financing, loans secured by deposits, and secured and unsecured personal loans.
SERVISFIRST BANCSHARES, INC. 
