CENTENNIAL BANK ANNOUNCES ACQUISITION OF CHESTER COUNTY BANK, HENDERSON, AND FARMERS & MERCHANTS BANK, ADAMSVILLE, TENNESSEE
Trezevant, TN, March 1, 2019 – Centennial Bank, Trezevant has reached an agreement to acquire Chester County Bank, Henderson, and Farmers & Merchants Bank, Adamsville.
The resulting organization will have approximately $570 million in assets and fifteen branches. The transaction is subject to regulatory approval and is expected to close in early July 2019.
The boards of directors of both organizations have approved the transaction. The purchase price was not disclosed.
Centennial Bank Chairman George Atwood stated, "We recognize this as a strategic opportunity for Centennial Bank which will consolidate our market position as the largest locally-owned and managed community bank dedicated to serving West Tennessee."
Andrea Browning, CEO of Centennial Bank added that she and her team are developing a consolidation and integration plan to ensure a smooth transition for customers and employees. "This transaction will strengthen our bank in the areas we consider most important: outstanding service to customers, competitive pricing, and active involvement in our local communities."
"We appreciate our customers and community who have supported us over the last fifty years, and we are glad to announce that we are merging with Centennial Bank, a community-oriented Bank, that will serve our community well," stated President of Chester County Bancshares, Inc and Chester County Bank, Neal Smith.
Farmers & Merchants Bank Chairman Bruce Hamblen stated, "The acquisition by Centennial Bank represents the best potential for our bank going forward because of their proven ability to represent community bank services."
About Centennial Bank
With approximately $462 million in assets and over a 100-year history as a family-owned resource, Centennial currently operates ten branches located throughout West Tennessee. For more information, please visit the bank's website at www.mycentennial.bank.
Andrea Browning (731) 669-3900; [email protected]