SmartFinancial in Knoxville, Tenn., has agreed to buy Tennessee Bancshares in Tullahoma.
The $1.6 billion-asset SmartFinancial said in a press release Tuesday that it will pay $31.8 million in stock for the parent of the $244 million-asset Southern Community Bank. The deal is expected to close in the second quarter.
Tennessee Bancshares will be SmartFinancial’s fifth acquisition in the last five years.“This is another big step for SmartBank in becoming the Southeast’s next great community banking franchise,” Billy Carroll, SmartFinancial’s president and CEO, said in the release.
“We … look forward to serving an expanded footprint in our newest markets in Murfreesboro, Huntsville and Tullahoma,” Carroll added. “The opportunities that exist in these thriving markets combined with Southern Community’s strong history of dedicated client service and unwavering commitment to its communities, affirm that this transaction will produce a successful partnership.”
Bill Yoder, Southern Community’s president and CEO, will become president and CEO of SmartFinancial’s bank when the deal closes. Clifton Miller, a Tennessee Bancshares director, will join SmartFinancial’s board.
Banks Street Partners and Butler Snow advised SmartFinancial. Olsen Palmer and Waller Lansden Dortch & Davis advised Tennessee Bancshares.