SmartFinancial, Inc., parent company of SmartBank, and Atlantic Capital Bancshares, Inc., parent company of Atlantic Capital Bank, N.A., announced that SmartBank has signed a definitive agreement to acquire the Cleveland, Tn., branch office and assets of FSG Bank, a division of Atlantic Capital Bank.
SmartBank has agreed to assume approximately $33,000,000 in customer deposits and purchase approximately $32,000,000 in loans and other assets affiliated with the Cleveland branch.
“This acquisition provides an incredible opportunity to expand our presence in Tennessee and introduce our brand and excellent client service to Bradley County,” said SmartBank president and CEO, Billy Carroll. “Our expansion earlier this year into the Chattanooga market through the merger with Cornerstone Community Bank makes this FSG Bank branch acquisition in Cleveland a great strategic fit.”
According to Atlantic Capital’s President and Chief Operating Officer Michael Kramer, “SmartBank brings a great understanding and knowledge of the East Tennessee community markets to our Cleveland client base. Our clients have come to expect a ‘hands-on, high touch’ approach, and we are confident that SmartBank will deliver that same level of service to the market.”
The sale and acquisition of this branch will steer both Atlantic Capital Bank and SmartBank toward their goals of becoming banking leaders in the Southeast.
“This transaction will better position Atlantic Capital to continue to focus on our strategic objective of becoming a premier corporate, business and private bank serving metropolitan areas throughout the Southeast”, said Douglas Williams, chief executive officer of Atlantic Capital.
SmartFinancial chairman Miller Welborn said, “Seizing smart growth opportunities like this will help get us one step closer to becoming the Southeast’s next, great community banking franchise.”
The acquisition, which is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, is expected to be completed in the first quarter of 2017.