Edmonton Bancshares in Edmonton, Kentucky, agreed to acquire Sumner Financial in Gallatin, Tennessee, in a bid to expand in Greater Nashville.
The deal, announced Wednesday and expected to close in the fourth quarter, would give the parent of the $733 million-asset Edmonton State Bank three branches in Tennessee's most populous metropolitan area.
Edmonton said in a press release that it would pay $26.82 per share for Sumner and its $234 million-asset Sumner Bank & Trust. Additional terms of the deal were not disclosed.
Edmonton State Bank's anticipated total assets after the acquisition would be $982 million, the company said.
The added scale would also further Edmonton's "long-term strategic goals of providing greater customer convenience and service to all our customers," President David Thompson said in the release.
The combined bank will have 18 branches in Kentucky and Tennessee.
"This is an excellent fit for both companies and will enhance the combined presence throughout South Central Kentucky and Middle Tennessee," Keith Hatley, president of Sumner Bank & Trust, said in the release.
Edmonton was advised by Piper Sandler and Frost Brown Todd. Performance Trust Capital Partners and Thompson Burton advised Sumner.
