Security Bank in Tennessee to buy neighboring lender
Security Bank and Trust in Paris, Tenn., has agreed to buy F&M Bancshares in Dyer, Tenn.
The $472 million-asset Security said in a press release Friday that it plans to buy the parent of the $99 million-asset Farmers & Merchants Bank in mid-2020. It did not disclose the price.
“This merger is a continuation of our strategy to expand our geographic footprint in common or contiguous markets with long-term growth potential,” Barry McIntosh, Security’s president and CEO, said in the release.
Farmers & Merchants, founded in 1895, has branches in three Tennessee markets. Security will have $500 million in deposits and $395 million in loans when the deal closes.