Indiana-based First Financial Corporation is to buy Tennessee’s SimplyBank in a deal worth $73.4 million, the two companies announced this week.
The transaction will add approximately $702 million in assets and 13 bank branches in Tennessee and Georgia to First Financial’s business, as well as a loan production office. It is set to bring the Indiana bank’s balance sheet assets to $5.5 billion when the deal completes, according to the latest data from the two firms.
Norman Lowery, president and CEO of First Financial, said the purchase “provides us with an opportunity to deepen our commitment to the Tennessee market while expanding into attractive new [areas]”.
“We look forward to continuing SimplyBank’s commitment to its customers and the communities it serves,” he added.
John Owen, CEO of SimplyBank, said his bank’s customers “will continue to enjoy a great relationship with the local SimplyBank employees, as they continue working with a strong community-focused financial organization through the SimplyBank branch network”.
The deal is due to close in the second quarter of next year, the banks said, subject to regulatory and shareholder approvals.
Meanwhile, in Illinois, banking regulators have approved the combination of Liberty Bancorp and North Adams State Bank. It was completed on November 10, according to a local news report.
Liberty has bought North Adams State Bank’s parent company, adding $47 million of assets to its balance sheet. The two banks have a shared history, with several past and present senior members of staff having worked for both organizations.