Atlantic Capital Bank NA has agreed to sell Southeastern Trust Co., the trust business it acquired back in 2015 along with FSGBANK NA (Chattanooga, Tenn.).
The investor group buying it is led by Atlantic Capital's former president, D. Michael Kramer, and by Bart Rolen and Teresa Whitton, who are also bank executives.
The transaction will include customer accounts, and the acquirers intend to keep the Southeastern Trust brand and to secure regulatory approval to be a state-chartered trust company. Rolen will assume the role of CEO; Whitton will be president; and Kramer is slated to be executive chairman. Some current Southeastern Trust employees will also join the acquirers.
Atlantic Capital CEO Douglas Williams said the Chattanooga, Tenn.-based bank "look[s] forward to continuing to work with [Kramer, Rolen and Whitton] to collectively provide the customers of both institutions with superior banking and trust services." Atlantic Capital had $2.64 billion in assets as of Sept. 30.