Tennessee-based FB Financial, parent of FirstBank, has obtained all regulatory approvals for its proposed takeover of local lenders Clayton Bank and Trust and American City Bank (collectively Clayton Banks).

Knoxville-based Clayton Bank manages around $885m in assets, and has 13 branches in Tennessee. Tullahoma-based American City Bank manages nearly $314m in assets and has five branches in Tennessee.

The deal, announced in February 2017, is valued at about $284.2m. It is expected to be completed on or about 31 July 2017, subject to shareholders’ nod.

FB Financial president and CEO Christopher Holmes said: “We are excited to have received all necessary regulatory approvals for our pending acquisition of the Clayton Banks which we expect to close at the end of the month. The cultures of the banks have complemented each other even better than we expected.”

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