SmartFinancial has completed its previously announced acquisition of Sevier County Bancshares and its subsidiary Sevier County Bank.
As earlier agreed, Sevier County Bank has merged with and into SmartFinancial’s SmartBank.
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The combined company will have total consolidated assets of around $4.1bn, based on financial data as of 30 June 2021.
SmartBank president and CEO Billy Carroll said: “The acquisition of Sevier County Bank is a great milestone for us as we add scale in one of our strongest markets. The economy in the Pigeon Forge, Gatlinburg and Sevierville area is extremely robust and will add tremendous growth opportunities. We welcome the Sevier County Bank team and their clients to SmartBank.”
In April this year, SmartFinancial signed an agreement to acquire Sevier County Bancshares (SCB) in a deal worth around $38.2m.
The acquisition was aimed to bolster its presence in the home market of Tennessee.
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By GlobalDataEstablished in 2007, SmartBank is a full-service commercial bank offering personal and business banking services. It has branches across Tennessee, Alabama, the Florida Panhandle and Virginia.
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