Atlantic Capital Bancshares, parent of Atlantic Capital Bank, has agreed to sell seven branches in Tennessee, US.
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First, Atlantic Capital Bancshares has agreed to sell three branches in Algood, Cookeville and Gainesboro to First Freedom Bank. The deal includes transfer of customer deposits worth about $116m; and loans and other assets worth about $31m to First Freedom Bank.
Second, Atlantic Capital Bancshares has agreed to sell four branches in Athens, Lenoir City, Madisonville and Sweetwater in Tennessee to Athens Federal Community Bank. The deal includes sale of about $104m in customer deposits and about $15m in loans and other assets.
The transactions, subject to regulatory approvals, are scheduled to close in early 2016.
Atlantic Capital Bancshares president and COO Michael Kramer said: "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.
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By GlobalData"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."
