ATHENS, Tenn., April 1, 2016 /PRNewswire/ -- Athens Bancshares Corporation (the "Company") (OTCQX: AFCB), holding company for Athens Federal Community Bank, National Association ("Athens Federal"), announced today that Athens Federal has completed the acquisition of four branches from Atlantic Capital Bank, N.A., subsidiary of Atlantic Capital Bancshares, Inc., effective April 1, 2016. Athens Federal assumed approximately $89 million in customer deposits and acquired approximately $13.9 million in loans, and other assets, affiliated with the acquired branches located in Athens, Lenoir City, Madisonville and Sweetwater, Tennessee. The branches had operated under the name "FSG Bank", a division of Atlantic Capital Bank, N.A.
Larry D. Wallace, Chairman of the Board of Directors, said, "Expanding on more than 80 years of local banking service, this acquisition makes Athens Federal one of the most innovative and thriving community banks in our market areas. We believe that creating a dynamic banking platform through planned strategic growth builds great customer, employee and shareholder value. We have an exciting future as a community bank with a mission focused on stability, relationships and the communities we are so proud to serve."
Olsen Palmer LLC served as financial advisor, and Luse Gorman, PC provided legal counsel, to Athens Federal.
Athens Bancshares Corporation is the parent holding company of Athens Federal Community Bank, National Association, a FDIC-insured national bank organized in 1934. Athens Federal is headquartered in Athens, Tennessee and provides financial services to individuals, families and businesses through its eleven offices located in southeast Tennessee.
This press release may contain forward-looking statements. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects", "believes", "anticipates", "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and the ability to successfully integrate the acquired branches. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements.
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SOURCE Athens Bancshares Corporation