F&M Bancshares in Trezevant, Tenn., has agreed to buy Medina Banking in Medina, Tenn.

The $308 million-asset F&M Bancshares said in a press release that it expects the transaction to close early next year. The price was not disclosed.

"This is simply the right thing for our customers and the communities we serve," Jennifer Marcus, F&M's chief executive, said in the release. "It is our best opportunity for retaining a strong, locally managed community bank."

The $45 million-asset Medina, founded in 1905, has three branches in Gibson and Medina.

F&M is the holding company for Farmers and Merchants Bank and Citizens City & County Bank, and has six branches in several Tennessee communities.

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