Waller advises Southern Community Bank in merger by SmartFinancial Inc.
May, 2018 - Nashville, Tennessee
SmartFinancial, Inc., Knoxville, Tennessee (“SmartFinancial”) (Nasdaq:SMBK), parent company of SmartBank, today announced the completion of its previously-announced merger with Tennessee Bancshares, Inc., Tullahoma, Tennessee (“Tennessee Bancshares”), as well as the merger of Southern Community Bank, the bank subsidiary of Tennessee Bancshares, with and into SmartBank. Based on financial data as of March 31, 2018, the combined company has total assets of approximately $2 billion. With this acquisition, SmartBank expands its footprint into three new attractive markets—Tullahoma and Murfreesboro, Tennessee and Huntsville, Alabama.
“It is an exciting opportunity to join these two organizations. SmartBank, much like Southern Community Bank, has a strong tradition of high-quality service and building close relationships with our clients and the communities we serve,” said Billy Carroll, SmartBank President and Chief Executive Officer. “Southern Community Bank is a very efficient financial institution that will immediately make our collective team a key player in these markets.”
Bill Yoder, the former President and Chief Executive Officer of Southern Community Bank, who will serve as Chief Banking and Deposit Officer of SmartBank, stated, “this partnership is a perfect fit for Southern Community Bank, and we are excited to join the SmartBank family. We are looking forward to the next couple of months as we begin to rebrand while our teams are working hard to prepare for the conversion in mid-August. SmartBank’s experience and commitment to excellent client service is reassurance for a smooth transition for Southern Community Bank clients.”
“This partnership allows us to expand our footprint in both Middle Tennessee and Alabama and build on the solid foundation Southern Community Bank has already created in these markets,” said Miller Welborn, SmartFinancial’s Chairman. “We are pleased to welcome Southern Community Bank team members and clients to the SmartBank family and look forward to a bright future together."
The legacy Southern Community Bank branch offices will continue to operate under the Southern Community Bank name, as a division of SmartBank, until mid-August 2018, at which time it is expected these offices will adopt the SmartBank brand.
Banks Street Partners, LLC served as financial advisor to SmartFinancial and SmartBank, and SmartFinancial and SmartBank were represented by the law firm Butler Snow LLP. Olsen Palmer LLC served as financial advisor to Tennessee Bancshares and Southern Community Bank, and Tennessee Bancshares and Southern Community Bank were represented by the law firm Waller Lansden Dortch & Davis, LLP.
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