Landmark Community Bank in Collierville, Tenn., has agreed to acquire the central Tennessee assets of Cadence Bank, according to a report.
The $439 million-asset Landmark plans to sublease two Tennessee branches from Cadence and acquire all of Cadence's deposits and certain loans in the region, according to a report published Thursday in the Nashville Business Journal. The terms of the transaction were not disclosed.
The purchase represents an expansion into central Tennessee for Landmark, which has five branches, all in Shelby County, in the southwestern part of the state. The $5.8 billion-asset Cadence, which is headquartered in Houston, has eight Tennessee branches and 111 locations in total, according to the Federal Deposit Insurance Corp.
Landmark also plans to open a Nashville branch on Sept. 25, according to the Business Journal. The two branches it plans to sublease are in Franklin and Brentwood, Tenn.
The deal with Cadence is expected to close in the first quarter of 2014.