Exhibit 99.1

Media Contacts:

Financial: John Poelker 404.760.7755 / john.poelker@statebt.com

Atlanta Media: David Rubinger 404.502.1240/ david@rubinger.com

Middle Georgia Media: Tom Woodbery 478.796.6007/ tom.woodbery@statebt.com

State Bank Reports 2nd Quarter Net Income of $8.6 Million;

First Half Net Income Totals $16.8 Million or $0.51 Per Share;

$203.3 Million Organic Loan Growth in Last Six Months

Company Release — 08/15/2011  16:48

ATLANTA, Aug. 15, 2011 /PRNewswire/ — State Bank Financial Corporation (NASDAQ: STBZ) today announced unaudited financial results for the quarter and six months ended June 30, 2011.  State Bank reported that net income for the quarter was $8.6 million, bringing the year-to-date net income to $16.8 million.  The six month results represented a return on average assets (ROA) of 1.24 percent and a return on average equity (ROE) of 9.22 percent.  Fully diluted earnings per share were $0.26 for the quarter and $0.51 for the year-to-date.  Tangible book value per share at June 30, 2011 was $11.57.

“We continue to be very pleased with our solid financial results and our continuing success in expanding State Bank’s presence in Metro Atlanta and Middle Georgia,” said State Bank Chairman and CEO Joe Evans.

Balance Sheet

Total assets at June 30, 2011 were $2.77 billion, an increase of $77.5 million, or 2.9 percent, from March 31, 2011.  The growth in the balance sheet was driven by an $89.6 million increase in deposits with continued strong growth in non-interest bearing demand deposits. Non -interest bearing demand deposits represented 10.9 percent of total deposits, up from 10.1 percent from March 31, 2011.  This continuing shift toward a higher mix of non-interest bearing deposits and a focus on deposit pricing contributed to the cost of total interest bearing funds decreasing to 1.25 percent from 1.37 percent in the first quarter of 2011.

The largest component of State Bank’s loan portfolio is the portfolio acquired from the FDIC under loss share agreements.  At June 30, 2011, these loans had an unpaid principal balance of $1.30 billion and a recorded investment value of $814.4 million. These amounts compare to $1.42 billion and $891.2 million respectively at March 31, 2011.  The reduction reflects continued servicing and liquidation of this portfolio of loans. A portion of the difference between the recorded investment, representing the present value of expected future cash flows, and the contractual cash flows of the loans acquired under the loss share agreement represents expected credit losses and is partially offset through the recognition of an FDIC receivable asset on our balance sheet.   At June 30, 2011, this asset was valued at $468.4 million and included, in addition to estimated future loss claims, amounts representing current receivables from the FDIC

for loss and expense claim reimbursements pending. Acquired loans and other assets and liabilities assumed in the FDIC-assisted acquisitions are subject to on-going valuation procedures and a periodic re-estimation of cash flow expectations.   The company pointed out that earnings can be volatile given that such a large portion of its loan portfolio is comprised of acquired impaired loans.  The income recognized in any one period will vary depending on the timing and pattern of loan resolutions and expected future cash flows.

Excluding the acquired loan portfolio, other loans were $546.2 million at June 30, 2011 representing a $133.2 million, or 32.2 percent, growth from March 31, 2011. The allowance for loan losses for these uncovered loans at June 30, 2011 was $6.9 million and represented 1.27 percent of those loans. The credit quality of the uncovered loan portfolio continues to be very solid with non-performing loans at the end of the quarter of only $3.5 million.

Other real estate owned, virtually all of which is covered under loss share agreements, totaled $103.6 million at June 30, 2011. These assets are carried at expected net realizable value and losses incurred in the disposition of the assets are reimbursable from the FDIC under the appropriate loss share agreements.  Valuation write-downs, losses on disposition, and operating expenses for the properties during the second quarter resulted in expenses after FDIC reimbursements claims of $2.6 million reported as operating expense in the income statement.

The table below provides a summary of the data discussed above

Total deposits at June 30, 2011 were $2.359 billion compared to $2.270 billion at March 31, 2011 , an increase of $89.6 million. The table below shows the mix of deposits at these dates:

Total shareholders’ equity at June 30, 2011 was $374.6 million, a $7.2 million, or 1.9 percent, increase from March 31, 2011.  Tangible equity increased on a comparable basis and tangible book value per share at June 30, 2011 increased 2.1 percent to $11.57 compared to $11.34 at March 31, 2011.

Regulatory capital ratios for the bank, State Bank & Trust Company, remain at very high levels. At June 30, 2011 the Tier 1 leverage ratio was 13.4 percent and total capital to risk weighted assets was 35.3 percent.  The total capital ratio reflects the strong equity position of the bank relative to the risk weighting of the assets related to the FDIC loss share agreements.

Earnings

Net income for the second quarter of 2011 rose 4.3 percent to $8.6 million from $8.2 million in the first quarter of 2011.  The table below shows the major components of earnings for the two quarters.

Net interest income during the second quarter of 2011 was $30.6 million, up $2.9 million, or 10.6 percent from the first quarter. The most significant factor in this increase was the growth of interest and fees on the non acquired loan portfolio reflecting the continued strong growth in these organic assets. This portfolio has grown $203.3 million since the first of the year and totaled $546.2 million at June 30, 2011.

Accretion of discount on the acquired loans remained flat from the first quarter relative to the overall decline in the portfolio and the continued liquidation and resolution of these assets that were acquired from the FDIC.  A re-estimation of expected future cash flows on this portfolio was completed during the quarter and resulted in adjustments to the accretion schedule for the discount associated with these assets. At June 30, 2011, the remaining accretable discount on these assets was $228.1 million.

Adding to the increase in interest income was a further $700,000 reduction in interest expense following the $1.5 million reduction in the first quarter of 2011.  This reduction in the cost of funds continues to reflect a restructuring of the deposit base with increased focus on non-interest bearing demand deposits and the elimination of high cost non-relationship time deposits.

The table below provides a summary of the components of net interest margin, which was 6.0 percent for the quarter.

*  Reflects interest on a fully taxable equivalent basis

The provision for loan losses in the second quarter was $2.0 million compared to $961,000 in the first quarter of 2011.  The increased provision reflected an impairment charge on specific loans in the acquired FDIC portfolio of $451,000.  The remainder of the increased provision reflected an increase in the allowance for loan losses covering non-FDIC loans, which grew $133.2 million during the quarter.  At June 30, 2011 the allowance for these loans was $6.9 million and represented 1.27 percent of loans outstanding. Non-performing loans in this portfolio were reduced by $1.6 million and were 0.64 percent of non-covered loans at the end of the period.

Other income, the largest component of which is the accretion of discount on the receivable from the FDIC, decreased by $203,000 in the second quarter compared with the first quarter.  Solid increases in service fees and a gain on a partial sale of the company’s investment in the Federal Home Loan Bank of Atlanta was offset by a decrease in the FDIC receivable discount.  The decrease was a direct result of the reduction in future loss projections on the FDIC-acquired loans that was reflected in the increased loan accretion discussed above.

Noninterest operating expenses, excluding costs associated with other real estate owned (OREO), increased 5.4 percent to $20.8 million in the second quarter of 2011.  Most of this increase resulted from increased FDIC insurance premiums affecting the entire banking industry.  Other expenses in this category continue to be carefully controlled reflected in the efficiency ratio (expenses excluding OREO divided by revenue), which fell to 53.6 percent in the second quarter from 55.0 percent in the first quarter.

Conference Call

State Bank will hold a conference call on Wednesday, August 17 at 8:30 a.m. EDT, in which State Bank Chairman and CEO Joe Evans will discuss financial and business results for the quarter. Please dial the number below 10 minutes prior to the start of the call to register. You will be asked to provide your name and affiliation/company to join the call.

Dial in number: 1.888.224.3719

A replay of the conference call will be available beginning August 17, 2011 shortly after the call’s completion at http://www.snl.com/IRWebLinkX/presentations.aspx?iid=4249236.

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About State Bank Financial Corporation and State & Trust Company

Atlanta-based State Bank Financial Corporation (NASDAQ:STBZ) is the holding company for State Bank & Trust Company, one of Georgia’s best-capitalized banks, with $2.77 billion in assets as of June 30, 2011. State Bank has locations in Metro Atlanta and Bibb, Houston, Dooly, and Jones counties in Middle Georgia.

State Bank has been named the top performing bank in the United States, according to Bank Director magazine’s 2011 Bank Performance Scorecard, a ranking of the 150 largest U.S. publicly traded banks and thrifts based on 2010 calendar-year financials.

In 2009, State Bank acquired assets and deposits of the six bank subsidiaries of Security Bank

Corporation, The Buckhead Community Bank and First Security National Bank in transactions facilitated by the Federal Deposit Insurance Corporation.  In 2010, State Bank acquired assets and deposits of NorthWest Bank & Trust of Acworth, Georgia. And in 2011, it acquired assets and deposits of United Americas Bank of Atlanta.

State Bank raised $300 million in capital, including investments from the executive management team, to facilitate its acquisitions.

Over the past twenty-five years, State Bank Chairman and CEO Joe Evans and his management team have led some of Georgia’s most successful community banks, including Flag Financial Corp., Century South Banks, and Bank Corporation of Georgia. State Bank and Trust Company’s headquarters are in Macon, Georgia.

To learn more about State Bank, visit www.statebt.com.

STATE BANK & TRUST COMPANY

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Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, expectations and benefits of our strategic plan, and are thus prospective.  Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, unanticipated losses related to the integration of, and accounting for, acquired assets and assumed liabilities in our FDIC-assisted transactions, access to funding sources, greater than expected noninterest expenses, volatile credit and financial markets, potential deterioration in real estate values, regulatory changes and excessive loan losses, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

*** - 1st and 2nd quarter data from Form 10-Qs

** - Year-end 2010  and 2009 data from Form 10-K