Atlantic Capital Bancshares, Inc. Announces Divestiture of Tennessee and North Georgia Franchise and Share Repurchase Program
Atlantic Capital Bancshares, Inc. (ACBI)
Last atlantic capital bancshares, inc. earnings: 4/23 04:05 pm
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US:NASDAQ Investor Relations:
snl.com/irw/corporateprofile/4155740
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Source: GlobeNewswire
ATLANTA and NASHVILLE, Tenn., Nov. 14, 2018 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (“Atlantic Capital”) and FB Financial Corporation (NYSE: FBK) (“FB Financial”) today announced that Atlantic Capital Bank, N.A., the wholly-owned subsidiary of Atlantic Capital, and FirstBank, the wholly-owned subsidiary of FB Financial, have entered into a definitive agreement pursuant to which Atlantic Capital Bank will sell all 14 of its bank branches located in Tennessee and north Georgia (the “Branches”), including its mortgage banking business, to FirstBank. FirstBank will assume deposits of approximately $602 million and purchase approximately $381 million in loans associated with the Branches, and will acquire certain other assets and assume certain other liabilities related to the Branches (collectively, the “Transaction”). FirstBank has agreed to pay a deposit premium equal to 6.25% of the balance of assumed deposits, less a discount of 0.68% of purchased loan
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