Atlantic Capital Bancshares in Atlanta has agreed to sell seven branches in Tennessee in two separate deals.
The $2.6 billion-asset Atlantic Capital said in a press release Thursday that it will sell three branches, along with $116 million in deposits and about $31 million in loans and other assets, to the $314 million-asset First Freedom Bank in Lebanon, Tenn. The branches are located in the communities of Algood, Cookeville and Gainesboro.
Atlantic Capital will also sell four branches, along with $104 million in deposits and about $15 million in loans and other assets, to the $314 million-asset Athens Bancshares in Athens, Tenn. Those branches are in Lenoir City, Madisonville and Sweetwater.
"These transactions will help us to complete the transition we started four years ago; moving … from a traditional community bank to a business and commercial client-focused community bank," Michael Kramer, Atlantic Capital's president and chief operating officer.
Atlantic Capital did not disclose the pricing for either deal. The branch sales are expected to close in the spring.
Banks Street Partners and Troutman Sanders advised Atlantic Capital. Olsen Palmer and Butler Snow advised First Freedom. Olsen Palmer and Luse Gorman advised Athens.
