First National Bank is increasing its presence in Tennessee by expanding into the Nashville market.
The Paragould-based bank is acquiring Citizens Bank, which is based in Hartsville, Tenn. The bank operates three locations and also serves Gallatin and Hendersonville in Tennessee. Citizens Banks has total assets of $288 million.
According to First National Bank, the acquisition will grow its assets to approximately $2.1 billion. The Citizens Bank locations will increase its footprint to 23 locations across both Arkansas and Tennessee.
“This is a perfect fit for First National Bank,” First National Bank chairman Bill Brewer said in a statement. “Their size, location, and overall view of banking is exactly what our organization needs to expand into the Nashville market.”
The Citizens Bank being acquired by First National Bank is unrelated by Citizens Bank of Batesville.
The transaction must undergo regulatory approval. The terms of the acquisition were not disclosed.
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Image courtesy of First National Bank of Paragould