An Arkansas-based bank holding company is expanding into East Tennessee through the purchase of Citizens National Bank (CNB) in Athens, Tenn.
Simmons First National Corp. announced Wednesday it will pay about $77 million in stock and cash to buy the 108-year-old CNB, which operates nine bank branches in McMinn, Monroe, Roane and Anderson counties.
Citizens National Bank of Athens is the biggest bank in McMinn County, with assets of $552 million, and operates offices in Athens, Etowah, Madisonville, Sweetwater, Tellico Plains, Vonore, Kingston and Oak Ridge. Last year, CNB earned $6.4 million, up from $4.7 milllion the previous year.
George Makris Jr., the chairman and chief executive officer for the Pine Bluff, Ark.-based Simmons First National, said he expects to complete the bank purchase in the fourth quarter, subject to regulatory and shareholder approvals. After closing, CNB is expected to continue operating as a separate bank subsidiary of the company for an interim period until it’s merged into Simmons Bank.
“As we continue to expand our community banking strategy, it’s important that we find partners who have common goals, experience, culture and reputations as excellent corporate citizens,” Makris said. “The CNB leadership has built a franchise focused on meeting the financial service needs of its customers in the markets it serves. We value that legacy and plan to continue to provide high levels of quality customer service.”