Atlantic Capital in Atlanta has agreed to sell its trust business to an investor group in Chattanooga, Tenn.
The $2.6 billion-asset Atlantic is selling Southeastern Trust Co. to a group led by Mike Kramer, the unit’s president and chief operating officer. Kramer will become the firm’s executive chairman when the deal closes, while Bart Rolen will be its CEO. The price was not disclosed.
Atlantic inherited the business when it bought FSGBank in 2015.
“We believe that the Southeastern Trust … team is positioned to successfully focus on trust and advisory services in this market, and we look forward to continuing to work with them to collectively provide the customers of both institutions with superior banking and trust services,” Douglas Williams, Atlantic’s CEO, said in a Friday press release.
Banks Street Partners advised Atlantic.
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Corrected December 19, 2017 at 9:53AM: An earlier version of this story gave an incorrect name for the seller and the wrong title for Mike Kramer.