Commercial BancGroup, Inc., holding company of Commercial bank based in Harrogate, Tenn., announces plans to purchase very first National Bank and Trust, London through its four branch locations in London and also Corbin. The transaction is intended to nearby by the end of the very first quarter 2020 pending regulation approval and other customary closing conditions.

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The propose transaction will develop one that the largest community financial institutions headquartered in the region, based upon financial data that September 30, 2019. On a agree forma basis as of September 30, 2019 the combined company will have assets of about $1.54 billion, deposits of $1.25 billion, gross loan of $1.17 billion and operate 31 branches throughout east Tennessee and Southeast Kentucky. This transaction greatly strengthens and compliments advertising Bank’s existing deposit market share in south-east Kentucky by including approximately $177 million in deposits.

Terry Lee, CEO the Commercial financial institution said about the acquisition, “We room excited to add first National financial institution to our Commercial bank family. We have been serving east Tennessee and also Southeast Kentucky for an ext than forty years for this reason we not only know customer needs, but likewise have proven a meeting to serve the ar and assist improve the resides of the people, families, and also businesses the make the area great. An added benefit is that we will carry that love of community to London and offer technologies, products, and services that will aid those brand-new customers thrive and grow. Us stand behind ours mission: to develop positive experiences for every customer, every day. Through that, the name of the financial institution will change, yet you will still have friendly familiar deals with waiting to serve you at your favorite branch”.

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Commercial Bank, a family-owned neighborhood bank, is a exclusive leading financial institution with the services, capabilities, and resources of local and national financial institutions without the bureaucracy. Lee says, “We make local decisions, by local world to benefit the areas we serve. With this addition, Commercial bank will have the ability to serve more people throughout an expanded branch network v the experience, knowledge, and dedication because that which the bank is known.”

“We are proud to companion with commercial Bank and believe the merger is great fit because that our customers, employees and shareholders,” claimed Randell Brewer, Chairman the the plank of FNBT. “We think this mix will far better align ours resources, enhance our jae won strength, and also expand ours product offerings and modern technology solutions, all while enabling us come remain actively involved in our communities.”

If friend would choose to learn much more about advertising Bank, visit the website in ~ or join one the the many conversations with their social media channels by authorized LinkedIn, Twitter, or Facebook.