SmartFinancial and Entegra Financial have signed a definitive merger agreement to combine their operations under an all-stock transaction valuing nearly $158.2m.

As per the terms of the agreement, Entegra Financial subsidiary Entegra Bank will merge with SmartFinancial subsidiary SmartBank.

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SmartFinancial-Entegra merger details

Each share of Entegra common stock outstanding will be converted into the right to receive 1.215 shares of SmartFinancial common stock.

Additionally, five Entegra directors will join the pro forma boards of directors of the combined company and the combined bank, both of which will have 17 members after merger.

The two subsidiary banks of the parties have also entered into a separate agreement to enable the merger.

SmartFinancial president and CEO Billy Carroll said: “This is a historic milestone for both companies, one which we believe lays the foundation for the Southeast’s next great community banking franchise.

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“This partnership strengthens both organisations in all key areas and presents a compelling value proposition for each of our constituents.”

Billy Carroll will continue to be the president and CEO of the combined company.

With 47 branches, the combined lender will be nearly $4bn asset bank holding company. The bank will have its branch offices in the US states of Tennessee, North Carolina, South Carolina, Georgia, Alabama and Florida.

Currently, SmartBank has 29 branch offices.

The SmartFinancial-Entegra merger is expected to close by the middle of this year, subject to customary closing conditions including shareholders and regulatory approvals.