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First Freedom Bancshares, Inc. Announces the Acquisition of Three Branches
Lebanon, TN - (December 17, 2015) - First Freedom Bancshares, Inc. (First Freedom), holding company for First Freedom Bank, announced today that the Bank has entered into an agreement to purchase three branches from Atlantic Capital Bank, N.A., the bank subsidiary of Atlantic Capital Bancshares, Inc. (Atlantic Capital) (NASDAQ: ACBI). The Bank has agreed to assume approximately $116 million in customer deposits and purchase approximately $31 million in loans and other assets affiliated with three branches located in Algood, Cookeville, and Gainesboro, Tennessee.
"We look forward to welcoming our new customers and employees to our expanding branch network," noted First Freedom's President and Chief Executive Officer, John Lancaster. "This acquisition provides a great opportunity to expand our footprint and offer competitive banking products and services to a broader customer base. We believe our new customers will be pleased with our personalized approach to banking, and our commitment to our people and our communities."
Subject to customary closing conditions, including the receipt of all necessary regulatory approvals, the acquisition is expected to be completed during the spring of 2016. Detailed information will be provided soon to all impacted customers and employees.
Olsen Palmer LLC served as financial advisor and Butler Snow LLP provided legal counsel to First Freedom. Troutman Sanders LLP provided legal counsel to Atlantic Capital while Banks Street Partners, LLC served as its financial advisor.
About First Freedom Bancshares, Inc. and First Freedom Bank
First Freedom Bancshares, Inc., through its wholly-owned subsidiary, First Freedom Bank, offers full-service community banking through three locations in Lebanon and Mount Juliet, Tennessee, and has plans to open a Donelson, Tennessee office in 2016. Organized in 2006, the bank has fueled its growth around creative solutions for small business, unmatched customer service, and a heavy focus on technology. First Freedom Bank was recently recognized by Banks Street Partners as the 3rd best bank in Tennessee and the highest rated bank in Middle Tennessee. The bank has approximately $318 million in assets, and has 54 employees and more than 1100 shareholders in Middle Tennessee. Additional information about First Freedom Bank can be found at its website: www.firstfreedombank.com.