SmartBank-holding company SmartFinancial has signed an agreement to acquire Tennessee-based Foothills Bancorp, the parent company of Foothills Bank & Trust.

Under the terms of the agreement, each outstanding Foothills Bancorp common stock share will be converted into the right to receive $1.75 in cash and 0.666 share of SmartFinancial common stock creating an aggregate transaction value of nearly $36.2m.

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The banking units of the two companies have signed a separate agreement to enable merger of Foothills Bank & Trust into SmartBank after the completion of the merger between SmartFinancial and Foothills Bancorp.

SmartFinancial president and CEO Billy Carroll said: “This acquisition provides an incredible opportunity to expand our presence in East Tennessee and introduce our brand and excellent client service to Blount County, as well as expand our west Knox County presence.

“The footprint makes a lot of sense to us given that we already have a strong foundation in neighbouring communities, making the expansion with Foothills Bank & Trust a great strategic fit.”

As of 31 March 2018, Foothills Bank & Trust had total assets of nearly $215m.

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Foothills Bank & Trust president and CEO Mark Loudermilk said: “SmartBank’s commitment to customer service and strong community involvement certainly compliment the foundation we’ve built since 2007.”

The acquisition is expected to be completed in the fourth quarter of this year, subject to various closing conditions, regulatory approvals and Foothills Bancorp’s shareholders’ approval.

After the completion of the deal, SmartFinancial will have total consolidated assets of more than $2.2bn.