SmartFinancial in Knoxville, Tenn., has agreed to buy Foothills Bancorp n Maryville, Tenn., for $36.2 million in cash and stock.
The deal would expand the $2 billion-asset SmartFinancial’s presence in eastern Tennessee, the company said. The $215 million-asset Foothills has three branches.
“This acquisition provides an incredible opportunity to expand our presence in east Tennessee and introduce our brand and excellent client service to Blount County, as well as expand our west Knox County presence,” Billy Carroll, president and CEO of SmartFinancial, said in a press release Wednesday. “The footprint makes a lot of sense to us given that we already have a strong foundation in neighboring communities, making the expansion with Foothills Bank & Trust a great strategic fit.”
SmartFinancial has been an active acquirer in recent years. It has bought four banks since 2012, including Southern Community Bank this year.
The deal for Foothills is expected to close in the fourth quarter.
Banks Street Partners served as the financial adviser to SmartFinancial while Butler Snow served as legal adviser. Monroe Financial Partners served as the financial adviser to Foothills while legal adviser was Baker, Donelson, Bearman, Caldwell & Berkowitz.