The former wealth management and trust division of Atlantic Capital Bank has been purchased by the bank's former CEO and other investors who have reorganized the business as a new Tennessee chartered trust company to manage more than $350 million of assets.
The new company, known as Southeastern Trust Co., opened Monday in a new office in the Krystal building in downtown Chattanooga. The company is led by former FSG Bank and Atlantic Capital Bank President Mike Kramer, along with two veterans of the bank's trust division - Bart Rolen and Teresa Whitton. Collectively, the three investors have more than 80 years of combined experience in financial services, trust and wealth management businesses.
Teresa Whitton
Bart RolenThe trio helped start Southeastern Trust in 2012 at the FSGBank prior to its acquisition by Atlantic Capital in 2015 and grew the business to include more than $350 million in assets under administration with an 11-person staff.
Southeastern Trust focuses on providing personal trust and investment advisory services in a family office environment to high-net-worth individuals, foundations and special needs clients, Kramer said. The company will continue under the Southeastern Trust Company name and Kramer said he expects the business has plenty of opportunity to grow with clients already in 11 states.
Investment companies and bank trust operations in Chattanooga already manage more than $7 billion in assets "and the market continues to grow," Kramer said. But many bank trust operations have reduced the personalized and diverse financial services they once provided.
"All administration, investment, management and operations take place in our offices, within our control," Southeastern Trust touts on its web site. "Nothing is outsourced, allowing Southeastern Trust Co. to provide better service and response times."
Since gaining regulatory approval to create a separate trust company from the bank, Southeastern Trust has formed an independent board of directors, which includes Ben Brown, a partner of Alderman Holdings; Ben Fischer, retired CEO and founder of Signal Energy; Bob Marshall, chief financial officer for Southern Champion Tray; Todd McCain, owner and founder of Cumberland Title & Guaranty; Paula Shuford, owner and president of Herman Grant Co.; Jerry Stauffer, retired president and chief operating officer of Baker Donelson, and Rolen, Whitton and Kramer, who will serve as chairman of the board.
Rolen is CEO of the new company.
"Our team created the vision of providing a private family office service environment for our clients in 2012," said Rolen, a long-time wealth management manager for local banks who Kramer recruited to FSGBank in 2012 to start the new business. "Our growth, and the confidence that the market has shown in us, over the last six years has validated our belief in that vision."
The company provides asset allocation modeling, individual securities management, 401(k) services, fixed-income portfolios and nonproprietary mutual funds and ETFs.
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.