MEMPHIS -- First Tennessee National Corp. has signed a definitive agreement to acquire Peoples Commercial Services Corp., parent company of Peoples Bank in Senatobia, Miss.
First Tennessee said it would pay $19 million in stock, or 1.7 times book value, for Peoples Bank, which has $96 million of assets.
The transaction, First Tennessee's third in Mississippi, is expected to be completed in the first half of next year following approval by regulators and Peoples Commercial shareholders.