FirstBank to acquire Atlantic Capital Bank locations

Published 12:05 pm Friday, November 16, 2018

DALTON, Ga. — FB Financial Corp. said Wednesday that FirstBank, its wholly-owned banking subsidiary, has entered into a Purchase and Assumption Agreement to purchase 11 Tennessee and three Georgia branch locations, including the Dalton-area branches, from Atlantic Capital Bank N.A., a wholly-owned subsidiary of Atlantic Capital Bancshares Inc. (ACBI).

The acquisition builds density in the attractive Knoxville and Chattanooga markets while expanding into the nearby Dalton market and provides additional customer deposits for future growth. At closing, FB Financial expects to operate 70 branches and pro forma will rank fifth in Chattanooga, seventh in Knoxville and sixth in Tennessee in deposit market share, based on FDIC data as of June 30, 2018.

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FirstBank anticipates assuming approximately $602 million in deposits and purchasing approximately $381 million in loans from this acquisition, representing substantially all of ACBI’s banking and mortgage operations in Tennessee and north Georgia. FB Financial will pay a deposit premium of 6.25 percent based on the lower of the actual deposit balance at close or on the average closing deposit balance for the 30 days prior to close. The branches to be acquired by FirstBank will operate as Atlantic Capital branches until closing and will be re-branded as FirstBank branches immediately upon closing of the transaction. Pending regulatory approval, the closing is expected to occur early in the second quarter of 2019.

“We are pleased to announce this addition to the company, deepening our position as Tennessee’s premier community bank,” remarked Christopher T. Holmes, president and chief executive officer of FB Financial. “Opportunities to add valuable customer relationships on this scale are scarce, and we are excited about the future prospects of this transaction. We welcome Atlantic Capital’s customers and employees to the FirstBank family and look forward to serving you.”