Two years after acquiring the former Cornerstone Bank in Chattanooga, the parent company of SmartBank announced today that its shareholders have approved the previously announced purchase of Capstone Bank in Tuscaloosa, Ala.
SmartFinancial Inc. expects to close the acquisition of the $524 million-asset Capstone Financial Inc. in the fourth quarter of this year. When the deal was announced in May, the value of the stock and cash offer was put at $84.8 million.
At separate shareholder meetings held last week, SmartFinancial and Capstone shareholders, respectively, voted to approve the proposals submitted to the shareholders related to the proposed merger of the companies.
"Capstone is a great community bank and we admire their leadership and the culture they've created," Billy Carroll, president and CEO of SmartFinancial, Inc., said in a statement today. "Much like SmartBank, the Tuscaloosa-based bank has a strong history of service to both its clients and local communities, and we look forward to building on that together."
Upon the completion of the transaction, the combined company is expected to have assets in excess of $1.5 billion with a presence in Tennessee, Georgia, Florida, and Alabama.
"SmartBank's commitment to a culture of outstanding client service and high expectations thrills us and we expect a very smooth transition for our customers," said Robert Kuhn, the CEO of Capstone Bank. "Our similar beliefs and core values align well which will greatly contribute to the success of this integration."