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SmartBank to acquire FSG Bank branch in Cleveland, Tenn.

Knoxville, Tenn.-based SmartFinancial Inc. agreed to purchase the Cleveland, Tenn., branch office and assets of FSG Bank, a division of Chattanooga, Tenn.-based Atlantic Capital Bank NA.

SmartFinancial, the parent of SmartBank, will acquire approximately $33 million in deposits and about $32 million in loans and other assets affiliated with the Cleveland branch. The deal is expected to close in the first quarter of 2017, subject to regulatory approvals.

Troutman Sanders LLP served as legal counsel to Atlantic Capital, and Butler Snow LLP provided legal counsel to SmartBank, according to a Dec. 9 news release.

As of Sept. 30, SmartBank had $1.04 billion in assets, while Atlantic Capital, a unit of Atlantic Capital Bancshares Inc., had $2.76 billion in assets.