Trans Financial Sets 2d Tennessee Purchase
Continuing to gobble up smaller institutions, Trans Financial Bancorp of Bowling Green, Ky., has said it will buy First Federal Savings Bank of Tennessee for $20 a share, or about $10.3 million.
The announcement Wednesday came a week after Trans Financial had said it would enter Tennessee by acquiring Maury Federal Savings Bank, a $55 million-asset thrift in Columbia.
First Federal, based in Tullahoma, has $223 million in assets and will add a strong mortgage banking business to the Kentucky parent's product line, Trans Financial chairman Douglas M. Lester said.
Trans Financial, building on strong loan growth in its home market, has said it intends to reach $1 billion in assets by mid-year 1992. It had $503 million of assets at the end of the third quarter.