Two of the biggest banks in Rhea County which have shared ownership since the 1980s are planning to combine operations.
SimplyBank, which is Rhea County’s biggest bank with assets of $417.3 million, and Community National Bank, the county’s third biggest bank with assets of $268.6 million, plan to apply to regulators for permission to combine the two banks.
John Owen, president and CEO of both banks, said consolidating the banks will strengthen the combined bank and help the Rhea County institution compete with bigger national and regional bank holding companies.
“This isn’t an out-of-town or out-of-state organization coming in and taking over,” Owen said. “These banks have enjoyed the security, stability and backing of the same private owners for a long time, and our intention is to keep it that way, remaining one of the only 100-plus-year-old, locally-owned community banks in the state.”
The proposed merger must still be approved by the Federal Deposit Insurance Corp., and the Tennessee Department of Financial Institutions.