MEMPHIS National Commerce Bancorp has a deal to expand its presence in eastern Tennessee by acquiring First Virginia Banks Inc.s only bank in the state.
National Commerce announced the deal last week, saying it has agreed to buy $168 million-asset First Vantage Bank of Tennessee, in Knoxville, from First Virginia for an undisclosed sum.
National Commerce, whose July 2000 acquisition of CCB Finance Corp in Raleigh, N.C., nearly doubled its assets, to $16.6 billion, said $9.1 billion-asset First Vantages 10 branches in eastern Tennessee do not overlap with any of its own 16 in the area. They would be an excellent complement to them, it said.
First Virginia, of Winchester, Va., would have branches in only Maryland and Virginia after the deal, which is to close in the third quarter. It recently announced a deal to buy $516 million-asset James River Bankshares in Suffolk, Va.