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SouthState Corporation (NASDAQ: SSB) has completed its acquisition of Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) as of March 1, 2022. This merger combines Atlantic Capital with SouthState, enhancing their footprint in the Atlanta market, now holding $5 billion in deposits and ranking 8th in market share among banks under $100 billion in assets. Key executives from Atlantic Capital will maintain leadership roles in the combined company, ensuring continuity in banking services. The merger aims to leverage expanded corporate banking capabilities and bolster growth in the Atlanta region.
Atlantic Capital Bancshares (NASDAQ: ACBI) reported a net income of $11.7 million, or $0.57 per diluted share, for Q4 2021, up from $10.0 million a year earlier, but down from $13.3 million in Q3 2021. Total assets decreased to $3.8 billion. Loans held for investment grew 22.2% annualized from Q3 2021. Average demand deposit accounts increased 32.7% annualized. The company anticipates strong momentum as it prepares for its merger with SouthState Corporation, expected to close in 2022, pending regulatory approval.
Atlantic Capital Bancshares, Inc. (ACBI) will release its fourth quarter financial results on January 24, 2022, after market close. With total assets amounting to $4.2 billion, the bank is positioned to deliver commercial and not-for-profit banking services, alongside specialty corporate financial solutions. The release is expected to provide insights into the company's financial performance in a competitive market.
Atlantic Capital Bancshares (NASDAQ: ACBI) reported a net income of $13.3 million for Q3 2021, translating to $0.65 per diluted share, up from $8.6 million in Q3 2020. Total assets reached $4.2 billion, with a 1.36% return on average assets and a 14.69% return on average equity. Loans held for investment grew by 12.3% annualized compared to Q2 2021. The company anticipates continued momentum into Q4 2021 and beyond, supported by robust new business pipelines.
Atlantic Capital Bancshares and Self Financial have expanded their partnership to improve consumer financial wellness through a new secured Visa® credit card program. This initiative aims to enhance access to credit, particularly for underserved consumers. The card utilizes a certificate of deposit as security, allowing users to build credit with no hard credit check needed. Launched in September 2020, this program builds on a collaboration that began in 2019. Atlantic Capital, with assets of $3.8 billion, focuses on personalized banking services and economic inclusion.
Atlantic Capital Bancshares, Inc. (ACBI) will release its third-quarter financial results on October 27, 2021, after market close. The company manages assets worth $3.8 billion and provides a range of banking services, including commercial and not-for-profit banking, private banking, and commercial real estate finance solutions. Operating primarily in the Atlanta area, ACBI also offers specialized financial services nationally. Investors and stakeholders are advised to stay tuned for the upcoming financial report.
SouthState Corporation and Atlantic Capital Bancshares have entered into a definitive merger agreement valued at approximately $542 million, equating to $26.43 per share for Atlantic Capital shareholders. This all-stock transaction aims to enhance SouthState's market presence in Atlanta, where it will gain a top ten deposit market share. Post-merger, the combined entity will hold around $44 billion in assets and $36 billion in deposits. The deal is expected to yield a 3% EPS accretion with minimal tangible book value dilution, anticipated to be recouped within two years.
Atlantic Capital Bancshares (NASDAQ: ACBI) reported net income of $11.8 million, or $0.58 per diluted share for Q2 2021, significantly up from $1.8 million year-over-year. Total assets rose to $3.8 billion, with loans increasing by $77.2 million or 15% annualized from Q1 2021. Deposits also surged, climbing by 19% annualized. The allowance for credit losses improved to 1.27% of loans, down from 1.31% in Q1. A merger agreement with South State Corporation was announced, marking a significant strategic move for the company.
SouthState Corporation (SSB) and Atlantic Capital Bancshares (ACBI) announced a merger agreement valued at approximately $542 million, equating to $26.43 per share of Atlantic Capital. The merger aims to enhance SouthState's presence in the Atlanta market, increasing its pro forma deposits to $5 billion. The combined entity will have total assets of $44 billion, with anticipated 3% EPS accretion. The transaction is set to close in Q1 2022, pending regulatory approvals and shareholder consent.
Atlantic Capital Bancshares, Inc. (ACBI) will announce its second quarter financial results before the market opens on July 23, 2021. A conference call is scheduled for the same day at 1:00 p.m. ET to discuss the results and provide outlook insights. Interested parties can join the call by dialing 1-833-685-0902 for U.S. participants or 1-412-317-5737 for international callers. The event will also be accessible via webcast on the company's Investor Relations website.
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