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CNB Bancshares in Sevierville, Tenn., plans to buy National Bank of Tennessee, after the Newport, Tenn., bank's holding company files for bankruptcy.
November 4 -
Pinnacle Financial Partners in Nashville, Tenn., has agreed to buy Avenue Financial Holdings in Nashville.
January 29 -
SmartFinancial in Knoxville, Tenn., has appointed a chief credit officer for its newly acquired Cornerstone Community Bank.
September 10
Commercial BancGroup in Harrogate, Tenn., has agreed to buy NBN Corp. in Newport, Tenn., outbidding a rival in a bankruptcy court auction.
The $805 million-asset Commercial BancGroup agreed to pay $5.1 million for NBN, the holding company for National Bank of Tennessee, according to documents filed with U.S. Bankruptcy Court for the Eastern District of Tennessee. Other conditions could influence the final sale price, including a final assessment of cash flow at the $141 million-asset NBN.
The agreement received court approval on Jan. 20 and the sale is expected to close next month, pending the termination of a data-processing agreement between NBN and Jack Henry & Associates.
CNB Bancshares, an $878 million-asset company in Sevierville, Tenn., received court approval in October to
NBN has two branches in Newport. Commercial BancGroup has 22 branches in Tennessee and Kentucky.
Burke Group and Ritchie & Powell advised NBN. Butler Snow offered legal counsel to Commercial BancGroup. Hodges, Doughty & Carson served as CNB Bancshares' legal counsel.