Sequatchie Valley Bancshares in Dunlap, Tenn., has agreed to buy Franklin County United Bancshares in Decherd, Tenn.
The $692 million-asset Sequatchie and the $78 million-asset Franklin did not disclose financial terms of the deal, which is expected to close in the third quarter.
Franklin County United has two branches, in Decherd and Cowan, Tenn. Sequatchie has 23 branches in McMinnville, Soddy-Daisy, South Pittsburg, Whitwell and other southeastern Tennessee communities.
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The Memphis, Tenn., company's forecast for the remainder of the year calls for cost saves from a branch-reduction effort that's gaining momentum as online and mobile banking grow and monthly visits to branches plummet.
April 15 -
The banking industry, in the face of prolonged challenges, is relying on professional help to improve in areas such as productivity, hiring and M&A. The hope is that being introspective now will limit the amount of costly mistakes in the future.
April 12 -
Commercial BancGroup in Harrogate, Tenn., has agreed to buy NBN Corp. in Newport, Tenn., outbidding a rival in a bankruptcy court auction.
February 5
SunTrust Robinson Humphrey and Bone McAllester Norton advised Sequatchie Valley. Butler Snow advised Franklin.
