SouthState Corporation has agreed to acquire Atlantic Capital Bancshares in an all-stock transaction valued at approximately $542m.
As per the terms of the agreement, Atlanta-based Atlantic Capital will merge with and into SouthState.
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In addition, shareholders will receive 0.36 shares of SouthState common stock for each outstanding share of Atlantic Capital common stock, which equates to a per-share value of $26.43.
As of 30 June 2021, Atlantic Capital had approximately $3.8bn in assets, $3.3bn in total deposits, and $2.3bn in total loans.
It operates one branch in the Atlanta metro area and one branch in Athens, Georgia.
This merger is expected to bolster SouthState’s presence in the Atlanta market.
The merged entity will have total assets of $44bn, deposits of $36bn, gross loans of $26bn, and a market capitalization of approximately $5.7bn.
SouthState CEO John Corbett said: “We are pleased to announce this partnership with Doug and his team at Atlantic Capital. Atlanta is a strategically important market for us, and this attractive, in-market transaction significantly expands our market share in one of the fastest-growing cities in the country.”
“Additionally, Atlantic Capital provides a high-growth Fintech and Payments platform and a seasoned team of Atlanta bankers with a proven record of success.”
Atlantic Capital president and CEO Douglas Williams said: “This partnership with SouthState enhances our purpose to fuel prosperity for our shareholders, clients, and teammates.
“SouthState’s larger capital base and a broader range of capabilities will strengthen our client relationships and expand our new business opportunities.”
The transaction is expected to close in the first quarter of 2022, which is subject to customary closing conditions and regulatory approval.
