Citizens Tri-County Bank will expand its presence into Franklin County by buying another one of its rival banks this summer.
Sequatchie Valley Bancshares Inc., the parent company of Citizens Tri-County Bank based in Dunlap, Tenn., is buying Franklin County United Bancshares, the parent company of Franklin County United Bank with offices in Decherd and Cowan, Tenn.
The purchase is the ninth for Citizens Tri-County since the bank began in 1972 as the Citizens Bank of Dunlap and Pikeville. The purchase will boost Citizens Tri-County Bank, which took on its name in 1992 after previous bank acquisitions, to $805 million in assets served by two dozen offices across nine counties.
Citizens Tri-County currently operates banks in Bledsoe, Coffee, Grundy, Hamilton, Marion, Sequatchie, Van Buren and Warren counties.
Franklin County United Bank, which began in 2004, reported assets of $77.8 million at the end of 2015. The bank’s 24 employees work at two offices.