FirstBank, a unit of Tennessee-based FB Financial, has closed the acquisition of Atlantic Capital Bank’s 14 branches in East Tennessee and North Georgia.
Georgia-based Atlantic Capital Bank is part of Atlantic Capital Bancshares.
The deal, first announced last November, adds around $598m in deposits and $385m in loans to FirstBank’s books.
In addition, FirstBank assumed certain liabilities related to the acquired branches.
Atlantic Capital president and CEO Douglas Williams said: “Atlantic Capital is now fully engaged in implementing its refined strategy focused on the Atlanta market and our national commercial lines of business.
“We believe that this strategy, combined with our continued focus on sound credit quality, disciplined expense management, and strong growth in core deposit funding, will further build the value of our company.
“With this transaction, we are redirecting capital and management energy to address attractive growth opportunities and to enhance shareholder returns.”
Atlantic Capital Bank has now moved its main office to Atlanta.
At present, the purchased branches will operate under the FirstBank brand or will be merged into existing FirstBank branches.
FB Financial president and CEO Christopher Holmes said: “This is an outstanding addition in these dynamic markets that strengthens our position as Tennessee’s premier community bank.”