In 2018, FirstBank paid $38 million for 14 branches, many of which were in Knoxville and Chattanooga, from Atlanta-based Atlantic Capital Bancshares (Nasdaq: ACBI). Four months ago, Holmes and his team spent $51.9 million to buy their way into Southern Kentucky, snapping up Scottsville, Kentucky-based Farmers National Bank of Scottsville. Since taking FirstBank public, Holmes hasn’t been coy about his desire to grow FirstBank’s footprint, emphasizing the bank’s desire to push into contiguous markets. We look forward to building on the strong customer relationships that Franklin has fostered.”Īs part of the deal, FirstBank will establish its operations center and mortgage headquarters at Franklin Synergy’s current headquarters, the release states. We are joining forces with the leading community bank in two of the most attractive counties in our market area. “Franklin is a well-known, high-service community bank with a leading position in Williamson and Rutherford counties. “We are very excited to announce our proposed merger with Franklin,” Chris Holmes, CEO of FirstBank, said in a statement. FirstBank will become Greater Nashville’s sixth-largest bank, based on deposits, according to Nashville Business Journal research. Furthermore, the deal is expected to give FirstBank more than $10 billion in total assets, thereby expanding lending opportunities for its team of bankers.Īccording to company filings, FirstBank will have roughly $10 billion in total assets, $8.1 in total deposits and $7.2 in total loans, once the deal is finalized. 1 market share in Williamson County, Nashville’s affluent Southern neighbor. It stands to have broad ramifications in Nashville for a variety of reasons, including that FirstBank will now have the No. This is Middle Tennessee’s largest bank deal since Pinnacle Bank spent $201.4 million for Avenue Bank in 2016. The deal is expected to close in the third quarter, with the combined bank to operate under the FirstBank brand. The cash-and-stock deal is valued at $611 million, according to a news release. On Tuesday, Nashville-based FirstBank (NYSE: FBK) announced its acquisition of Franklin-based Franklin Synergy Bank (NYSE: FSB). Two of Middle Tennessee’s largest local banks are combining. NATHAN MORGAN | NASHVILLE BUSINESS JOURNALĬhris Holmes is CEO and president of FirstBank. JANULocal banks to merge in $611 million deal
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |