FirstBank in Tenn. to Buy Northwest Georgia Bank
Pinnacle Financial Partners has struck its first deal in nearly eight years, and it has the capacity to do more as it seeks to double its assets in Tennessee. But CEO Terry Turner says it is more likely to grow organically because there aren't many banks left in the state that he would want to buy.April 9
Atlantic Capital Bancshares in Atlanta has agreed to buy First Security Group in Chattanooga, Tenn.March 25
SmartFinancial in Pigeon Forge, Tenn., has agreed to merge with Cornerstone Bancshares in Chattanooga, Tenn.December 8
FirstBank in Lexington, Tenn., has agreed to buy Northwest Georgia Bank in Ringgold.
The $2.5 billion-asset FirstBank said it expects to close the acquisition of the $298 million-asset Northwest Georgia in the third quarter. Financial terms were not disclosed.
Northwest Georgia Bank has five branches in Georgia and four branches in Tennessee. The acquisition will give FirstBank a total of 13 branches in metropolitan Chattanooga, Tenn.
Northwest Georgia Bank would be FirstBank's first acquisition since 2003, when it bought Bank of Murfreesboro in Tennessee. FirstBank is solely owned by its chairman, James Ayers.
UBS and Bass, Berry & Sims advised FirstBank. Keefe, Bruyette & Woods and Bryan Cave advised Northwest Georgia Bank.