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Athens Bancshares Corporation Announces Definitive Agreement to Acquire Four Branches

Athens Bancshares Corp. (MM) (NASDAQ:AFCB)

Today : Friday 18 December 2015

Athens Bancshares Corporation (“Athens Bancshares”) (NASDAQ:AFCB), holding company for Athens Federal Community Bank, National Association (“Athens Federal” or the “Bank”), announced today that the Bank has entered into a definitive agreement to purchase four branches from Atlantic Capital Bank, N.A., subsidiary of Atlantic Capital Bancshares, Inc. (NASDAQ:ACBI). The Bank has agreed to assume approximately $104 million in customer deposits and purchase approximately $15 million in loans and other assets affiliated with branches in Athens, Lenoir City, Madisonville and Sweetwater, Tennessee. These branches operate under the name “FSGBANK”, a division of Atlantic Capital Bank, N.A.


According to Athens Bancshares’ and Athens Federal’s President and Chief Executive Officer, Jeffrey L. Cunningham, "This acquisition provides a great opportunity to both increase our presence in Monroe and McMinn Counties and to introduce our great customer service to Lenoir City and Loudon County. The acquisition will also provide us with additional deposits to fund our continued growth.”

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.

Olsen Palmer LLC served as financial advisor, and Luse Gorman, PC provided legal counsel, to Athens Federal.

http://ih.advfn.com/p.php?pid=nmona&article=69745843&symbol=AFCB