National Commerce Bancorp., Memphis, has a deal to buy CBC Bancshares in Collierville, Tenn., for an undisclosed amount of stock.
CBC Bancshares, parent of Citizens Bank of Collierville, has $40 million of assets and two branches. National Commerce, with $5 billion of assets, has two small branches in town-one in a Wal-Mart, the other in a Kroger store. The deal would merge Citizens Bank into the Memphis bank's lead subsidiary, National Bank of Commerce.
"We look forward to expanding our presence in this fast-growing market," said William R. Reed Jr., vice president of National Commerce. "Our new locations will continue to operate as a community bank, but will offer the expanded products and services that NBC can provide."
The deal is expected to close during the third quarter.