National Commerce Bancorp. of Memphis said it would buy Mount Juliet, Tenn.-based First Financial Corp. for an undisclosed amount of stock.
First Financial, with $260 million of assets, is the parent of First Bank and Trust, which has seven branches in central Tennessee. The deal calls for the branches to become offices of $6 billion-asset National Commerce's NBC Bank affiliate.
The deal "is a key acquisition which will enhance our growth in middle Tennessee," said William R. Reed Jr., vice chairman and senior banking officer at National Commerce. "First Bank will help us pursue the small- business, real estate, and commercial loan opportunities that abound in this rapidly growing region."
National Commerce said it expects the deal to close in the third quarter.