SUBSEQUENT EVENTS
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12 Months Ended | |||
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Dec. 31, 2014
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Subsequent Events [Abstract] | ||||
SUBSEQUENT EVENTS |
On January 31, 2015, we completed the merger with Metro Bancshares, Inc. (“Metro”), which resulted in the acquisition of 100% of all the outstanding shares of Metro, including all outstanding options and warrants, for an aggregate of 636,720 shares of ServisFirst common stock and approximately $20.9 million in cash, representing aggregate consideration value of approximately $40.3 million (based on the closing price of ServisFirst Bancshares, Inc. on January 30, 2015). The acquisition of Metro represents our first strategic acquisition and our entry into the Atlanta metropolitan market. At December 31, 2014, Metro had total assets of approximately $211 million, total loans of approximately $154 million, total deposits of approximately $182 million and total stockholders’ equity of approximately $28 million. The cash portion of the merger consideration was paid from the Company’s cash on hand. Because the acquisition closed on January 31, 2015, after the end of the fiscal period covered by this Annual Report on Form 10-K, the Company’s financial information does not include any of the results of operations from Metro or its subsidiary, Metro Bank. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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