Citizens Bank to Buy American Trust Bank of East Tennessee
Citizens Bank in Elizabethton, Tenn., has agreed to buy American Trust Bank of East Tennessee in Knoxville.
The $700 million-asset Citizens said in a press release Friday that it will pay $19.8 million in cash for the $141 million-asset American Trust. The deal, which will allow Citizens to expand its operations in Knoxville, is expected to close in the fourth quarter.
American Trust, founded in 2004, has four branches. Citizens, which is owned by the LaPorte family, has 12 branches.
SunTrust Robinson Humphrey and Alston & Bird advised Citizens. Olsen Palmer and Miller Martin advised American Trust.