Citizens Tri-County Bank logo. Citizens Tri-County Bank photo.Citizens Tri-County Bank will expand its presence in McMinnville, Tenn., with the purchase of a bank office from a Massachusetts bank.
Sequatchie Valley Bancshares, Inc., the parent company of the Dunlap, Tenn.-based Citizens Tri-County, said today it is buying the Berkshire Bank branch in McMinnville, which has about $22 million in deposits and $11 million in loans. Terms of the purchase were not announced, but Citizens Tri-County said it expects to close the deal in the fourth quarter of 2015.
Citizens Tri-County Bank President John Barker said all of the current employees of the acquired branch will be retained.
"Citizens Tri-County Bank is excited to have the opportunity to serve additional customers in the McMinnville area, and we are working hard to lay the groundwork to ensure that all of our new customers will experience a smooth transition," Barker said in a statement. "This transaction allows us to expand our team with experienced and talented associates and will increase our McMinnville-area deposit base while complementing our current branch network nicely."
Citizens Tri-County operates in eight counties after a series of eight bank acquisitions over the past 31 years. Citizens Tri-County expanded into Warren County in 2005 when it bought the former Cumberland Bank in McMinnville, which at the time had $353 million in assets.
Berkshire Bank. based in Pittsfield, Mass., has assets of more than $6.5 billion and operates 104 offices in New York and New England, but the McMinnville location was the only one in the South. Berkshire acquired the Tennessee bank location through its 2012 acquisition of Beacon Federal bank, which is based in East Syracuse, N.Y.