Atlantic Capital Bancshares Announces Sale of Seven Tennessee Branches
Friday, December 18th, 2015
Atlantic Capital Bancshares, Inc., holding company for Atlantic Capital Bank, N.A., announced today that the Bank has entered into two definitive agreements for the sale of seven branches in the Bank’s Tennessee market. The first agreement is with First Freedom Bank pursuant to which the Bank has agreed to sell approximately $116 million in customer deposits and approximately $31 million in loans and other assets, including three branches located in Algood, Cookeville and Gainesboro, Tennessee. The second agreement is with Athens Federal Community Bank, N.A., pursuant to which the Bank has agreed to sell approximately $104 million in customer deposits and approximately $15 million in loans and other assets, including four branches in Athens, Lenoir City, Madisonville and Sweetwater, Tennessee.
According to Atlantic Capital’s President and Chief Operating Officer, Michael Kramer, “These transactions will help us to complete the transition we started four years ago; moving FSGBank from a traditional community bank to a business and commercial client-focused community bank. Both Athens Federal and First Freedom are community-focused and bring a great understanding and knowledge of these markets to FSG’s customer base. Our customers have come to expect a ‘hands-on, high touch’ approach, and we are confident both of these banks will deliver that same level of customer service to these markets.”
“These changes better position Atlantic Capital to continue to focus on our strategic objective of becoming a premier southeast regional corporate, business and private bank,” said Douglas Williams, Chief Executive Officer of Atlantic Capital.