Banks at a glance
SmartBank› Parent company: Smart Financial Inc.› Headquarters: Knoxville› Started: 2007› Assets: $1.6 billion› Locations: 22 branches and three loan production offices in East Tennessee, Tuscaloosa and Southwest Alabama, and the Florida Panhandle.› Ownership: Stock traded on the Nasdaq exchange under the stock symbol SMBKSouthern Community Bank› Parent company: Tennessee Bancshares Inc.› Headquarters: Tullahoma, Tenn.› Started: 2005› Assets: $243 million› Locations: Offices in Tullahoma, Tenn., Murfreesboro, Tenn., Chattanooga and Huntsville, Ala.› Ownership: Privately held by about 275 shareholders
In its fifth acquisition in as many years, the parent company of SmartBank said Tuesday it will buy Southern Community Bank to create a combined bank with nearly $2 billion in assets.
SmartFinancial Inc., parent company of SmartBank, has agreed to pay the equivalent of $31.8 million in stock to acquire Tennessee Bancshares Inc., the parent company of Southern Community Bank.
Based in Tullahoma, Southern Community has grown since its start as the Bank of Tullahoma in 2005 to a nearly $250 million-asset institution with additional branch offices in Chattanooga, Murfreesboro, Tenn., and Huntsville, Ala.
“This is another big step for SmartBank in becoming the Southeast’s next great community banking franchise,” said Billy Carroll, president and CEO of SmartBank. “We are excited to partner with Southern Community and look forward to serving an expanded footprint in our newest markets in Murfreesboro, Huntsville and Tullahoma.”