FB Financial to enter new Ky. market with FNB acquisition
FB Financial in Nashville, Tenn., has agreed to buy FNB Financial in Scottsdale, Ky.
The $6 billion-asset FB Financial said in a press release Tuesday that it will pay $51.9 million in cash and stock for the parent of the $253 million-asset Farmers National Bank of Scottsville. The deal is expected to close in the first quarter.
The deal will provide FB Financial with its first branches in the Bowling Green, Ky., market.
Farmers National has $204 million in deposits and $178 million in loans.
“We believe that Scottsville and Bowling Green are attractive markets to bank,” Chris Holmes, FB Financial’s president and CEO, said in the release.
“Farmers National is a high-quality community bank in a shrinking landscape of quality community banks,” Holmes added. “We continue to pursue similar opportunities and hope for additional successes in the coming months.”
Dan Harbison, Farmers National’s president and CEO, will serve as a market president for FB Financial, managing the company’s operations in south-central Kentucky.
FB Financial said the transaction should be “marginally accretive” to its earnings per share, excluding transaction costs and expenses, and neutral to its tangible book value per share.
Waller Lansden Dortch & Davis advised FB Financial. Mercer Capital and Daniel W. Small & Co. advised FNB.