TriSummit Bank in Kingsport, Tenn., has agreed to buy Community National Bank of the Lakeway Area (CNLA) in Morristown, Tenn.
TriSummit will pay $5.35 per share to Community National shareholders in an all-cash deal, according to the company's Tuesday press release. The $262 million-asset TriSummit will acquire Community National's $107 million of assets and three branches, giving it a total of seven offices in East Tennessee and Southwest Virginia.
The deal is expected to close in the second quarter. Community National's chairman and chief executive, Sam Grigsby, will serve on TriSummit's board after the merger is complete.
"The combination of this established community bank with TriSummit Bank allows us to expand our financial office network and services to two additional East Tennessee communities," R. Lynn Shipley, Jr., TriSummit's president and chief executive, said in the release. "We look forward to welcoming our new customers and assuring them that they will continue to receive the highest level of customer service for their personal and commercial banking needs."
Banks Street Partners served as TriSummit's financial advisor and Butler Snow acted as legal counsel. Monroe Financial Partners served as financial advisor and Bryan Cave was legal counsel for Community National.