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The Atlanta Banking Landscape

Jonathan and I discuss the evolving landscape for banking in our hometown, Atlanta, Georgia, in this latest episode of The Bank Account.

the-bank-accountSince the beginning of 2018, there has been steady stream of significant deals affecting the Atlanta MSA.

  • January – Ameris Bancorp’s acquisition of Hamilton State Bancshares for $405 million, priced at 2.05x tangible book;
  • March – Renasant Corporation’s acquisition of Brand Group Holdings for $453 million, priced at 2.35x tangible book;
  • April – CenterState Bank Corporation’s purchase of Charter Financial Corporation for $362 million, priced at 1.95x tangible book;
  • April – National Commerce Corporation’s purchase of Landmark Bancshares for $115 million, priced at 2.22x tangible book; and
  • May – Cadence Bancorporation’s purchase of State Bank Financial Corporation for $1.4 billion, priced at 2.48x tangible book.

The landscape looking forward is significantly changed.  Below is a pro forma list of the community banks (for these purposes, banks with total deposits of less than $15 billion) with the largest remaining presence in the Atlanta MSA.

Bank Atlanta MSA Deposits Percentage of Total Deposits in Atlanta MSA
Fidelity Bank $3,062,430 78%
Renasant Bank (with Brand) 2,740,319 30%
United Community Bank 2,533,770 27%
Atlantic Capital Bank 1,572,642 74%
Ameris Bank (with Hamilton) 1,416,141 18%
Cadence Bank (with State Bank) 1,271,128 11%
United Bank 980,658 84%
National Bank of Commerce (with First Landmark) 754,549 25%
Metro City Bank 740,409 78%
CenterState Bank (with Charter) 711,779 8%
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Pictorial Perspective of Atlanta Real Estate Market

SunTrust Robinson Humphrey has created a depressing slideshow of Atlanta’s residential and CRE properties in development (or in lack of development).  From the SunTrust Robinson Humphrey report:

While the city’s residential real estate lot inventory woes are well known to the investment community, we believe the extent of inventory in CRE property types like office and retail centers is not fully appreciated.  We took some photos of residential and CRE properties around Atlanta, which is admittedly a small sample.  Based on our observations and the statistics, we believe there are significant and growing vacancies around the city, particularly in the outer suburban areas like Alpharetta and Cumming (North of Atlanta).  We witnessed particularly high vacancy rates in numerous outer suburb strip and neighborhood retail centers.  Atlanta’s retail vacancy rate was 9.9% at the end of 1Q09, compared to the national average rate of 7.2% and Atlanta’s 4Q08 level of 9.0%.  This is the sixth highest level of retail vacancy among the 63 major U.S. retail markets.  Moreover, Atlanta led all major U.S. markets in aggregate retail space delivered during 1Q09, with 1.7 million square feet hitting the market.

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