Dunlap, Tenn.-based Citizens State Bank is buying four branches of the Peoples State Bank of Commerce, as well as the deposits and loans at those branches.
Citizens, one of a few institutions that has grown during the recession, will acquire branches from Peoples in Dunlap, Whitwell, Jasper and South Pittsburg. Citizens manages almost $600 million in assets and has earned $2.5 million in net income so far in 2012, remaining profitable during the recession.
Geoff Post, president and CEO of Citizens State Bank, said he would bring “better mobile banking, personalized debit cards, a little bit better technology and a better product line” to the former customers of Peoples Bank. Citizens will retain all employees and three of the four branches, excluding the Jasper branch, he said.
Post noted that though Citizens is a bigger bank, it’s still a community bank.
“In these smaller communities, I still think people relate to having a personal banker, knowing a person, being in church with them,” Post said. “With all the uncertainty, it’s just really important to know your banker.”