First Freedom Bank to acquire three UC FSG branches

FSG Bank's Cookeville branch is located at 376 W. Jackson St.
FSG Bank’s Cookeville branch is located at 376 W. Jackson St.

ALGOOD – First Freedom Bancshares Inc., holding company for First Freedom Bank, announced on Thursday plans to purchase three Upper Cumberland branches from Atlantic Capital Bank N.A. The branches are located in Algood, Cookeville and Gainesboro.

First Freedom Bank, based in Wilson County, has entered into a definitive agreement and stands to assume approximately $116 million in customer deposits and will purchase approximately $31 million in loans and other assets affiliated with three branches.

The branches, located at 614 W. Main St., Algood; 376 W. Jackson St., Cookeville; and 307 Hull Ave., Gainesboro, respectively, were operated as FSGBanks.

“We look forward to welcoming our new customers and employees to our expanding branch network,” First Freedom President and Chief Executive Officer John Lancaster said. “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.”

John Lancaster.

Subject to customary closing conditions, including the receipt of all necessary regulatory approvals, the acquisition is expected to be complete in the spring of 2016. Detailed information will be provided soon to all impacted customers and employees.

First Freedom offers full-service banking at three locations in Lebanon and Mount Juliet, and plans to open a Donelson 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 third best bank in Tennessee and the highest rated bank in Middle Tennessee.

The bank has approximately $318 million in assets, 54 employees and more than 1,100 shareholders.

Olsen Palmer LLC served as financial advisor in the sale, 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.

Atlantic Capital entered into two definitive agreements to sell seven total branches in Tennessee, including others in Athens, Lenoir City, Madisonville and Sweetwater to Athens Federal Community Bank.

According to Atlantic Capital’s President and Chief Operating Officer, Michael Kramer, “These transactions will help us to complete the transition we started four years ago; moving FSGBank from a traditional community bank to a business and commercial client-focused community bank… Our customers have come to expect a ‘hands-on, high touch’ approach,” he said, “and we are confident both of these banks will deliver that same level of customer service to these markets.”


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