Reliant Bancorp, the parent company for Reliant Bank, has signed a definitive agreement to acquire Tennessee Community Bank Holdings (TCB Holdings) in a cash-and-stock transaction.
Community Bank & Trust (CB&T), the subsidiary of TCB Holdings, also signed a separate agreement to merge with Reliant Bank.
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Reliant will be the surviving company following these deals.
Under the terms of the agreement, TCB Holdings shareholders will receive 0.769 shares of Reliant common stock and $17.13 in cash for each TCB Holdings common stock. Overall, the transaction is valued around $37.2m.
Reliant chairman, president and CEO DeVan Ard said: “The transaction meets all of our criteria for an acquisition, will be immediately accretive to earnings and provides a strong core deposit base.”
The combination will create a lender with $2bn in assets. It will operate 22 full-service branches across Middle Tennessee and Chattanooga.
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By GlobalDataCB&T president and CEO Debbie Small said: “We are proud to partner with Reliant Bank, and believe the merger is an excellent fit for our customers, employees, and shareholders.
“We believe this combination will better align our resources, enhance our financial strength, and expand our product offerings and technology solutions, all while allowing us to remain actively involved in our communities.”
The transaction is expected to complete in the first quarter of next year. The completion is subject to the approval of the shareholders of TCB Holdings and regulatory authorities.
