State Bank Financial Corporation today announced a realignment of the Company’s executive management responsibilities and reporting structure that is expected to streamline operating processes and improve efficiency.

“In today’s environment of low rates and intense competition, nothing is more essential to profitable growth and sustainability than operating efficiency.  This restructuring has been thoughtfully designed to deliver competitively priced high-value services to our clients as well as safe, sound, profitable operating results for our shareholders,” said Tom Wiley, CEO of State Bank and Trust Company.

The realignment is part of the Company’s overall efficiency initiative disclosed in the second quarter of 2015 primarily related to early termination of loss share and efficiencies from the consolidation of First Bank of Georgia into State Bank in July.  State Bank is also consolidating functions in finance, legal, risk, credit, operations and technology that are expected to result in improved efficiency.   Estimated noninterest expense savings of approximately $9 million are expected, with the majority of savings related to salaries and benefits expense.  Cost savings will be phased in beginning in the current quarter, with the full benefit expected in the second quarter of 2016.  As previously disclosed, severance charges were incurred in the second quarter of 2015 related to the reduction in staff directly supporting loss share, and additional severance charges will be taken during the third quarter of 2015.

In conjunction with the realignment, J. Daniel Speight, Jr., Vice Chairman and General Counsel, will leave the Company and its subsidiary bank, State Bank and Trust Company, in December of this year.

“I am extremely grateful and honored to have been a part of such a first-class organization for the last six years,” Speight said.  “I am proud of the team we have assembled and the company we have built.  With this leaner, yet highly effective organizational structure, I believe State Bank is well-positioned for sustainable growth and increased profitability going forward.”

Joe Evans, CEO and Chairman of State Bank Financial commented, “As an organizer and founding shareholder, Dan has been an invaluable partner in building State Bank over the past six years.  I look forward to his continuing advice and counsel.”