Atlantic Coast Financial in Jacksonville, Fla., has agreed to sell a branch in Georgia to Queensborough National Bank & Trust in Louisville, Ga.
The $818 million-asset Atlantic Coast said in a press release Friday that it will sell the Garden City, Ga., branch, along with certain assets and liabilities, in a deal that should close in the first quarter. The price was not disclosed.
Atlantic Coast said it still plans to expand its commercial banking and mortgage origination operations about Savannah, Ga.
The sale will allow Atlantic Coast to focus more of its efforts in Florida, where it plans to open commercial banking and mortgage origination offices in Orlando and Tampa.
The branch sale "gives us the ability to concentrate on lending in the market area, while streamlining our retail branch operations for greater efficiency," John Stephens, Atlantic Coast's president and chief executive, said in the release. "We remain focused on revenue acceleration, company growth, and market expansion, all of which are supported by the unwavering commitment of our team members."
The $802 million-asset Queensborough agreed earlier this year to buy branches, deposits and loans in the Georgia cities of Savannah and Rincon from CertusBank.