Tennessee bank merger to create $1 billion-asset lender
Citizens Bancorp Investment in Lafayette, Tenn., has agreed to buy American Bancshares in Livingston, Tenn.
The $948 million-asset Citizens said in a press release Friday that it should complete the purchase of the $264 million-asset American in the fourth quarter. It did not disclose the price it will pay.
Citizens will have 22 branches, $794 million in loans and $1 billion in deposits when the deal closes.
“Our expanded lending capacity will be helpful to growing and thriving businesses that want to remain with a community bank for that high level of service,” Pete Williston, Citizens’ chairman and CEO, said in the release. “American is a highly regarded institution that has been serving its communities for over 40 years.”
Marty Maynord, American’s CEO, and Ryan Smith, the bank’s president, will become executive vice presidents of Citizens Bank.
Stephens and Butler Snow advised Citizens. Olsen Palmer and Bone McAllester Norton advised American.