Atlantic Capital Bank has agreed to sell its trust business Southeastern Trust Company to a Chattanooga- based investor group led by ex- Atlantic Capital president, Mike Kramer.
The investor group also includes two Southeastern Trust leaders Bart Rolen and Teresa Whitton. Rolen will serve as CEO, Whitton as president, and Kramer as executive chairman of the acquired entity.
Southeastern Trust will now seek authorisation to operate as a Tennessee chartered trust company. It will retain its brand and its headquarters in Chattanooga following the acquisition.
The deal, whose financial terms were not disclosed, is subject to regulatory approval.
“We believe that the timing and opportunity for a full service, locally owned and Chattanooga-headquartered trust company that can deliver trustee, investment management and family office advisory services is now,” Kramer said.
“Our team created the vision of providing a private family office service environment for our clients in 2012. Our growth, and the confidence that the market has shown in us, over the last six years has validated our belief in that vision,” Rolen added.