SmartBank-parent company SmartFinancial has signed an agreement to acquire Progressive Financial Group to strengthen its presence in Tennessee region.
The cash and stock transaction values around $41.4m. Progressive CEO Ottis Phillips will also join board of SmartFinancial, as part of the agreement.
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The deal comes a year after SmartFinancial acquired another Tennessee-based bank holding company Foothills Bancorp.
Progressive Financial Group is the holding company of Progressive Savings Bank. The bank operates six branches with total assets more than $296m, as of 30 September 2019.
Phillips said: “We view SmartFinancial as a natural partner and I truly believe that this will be a win-win for all parties involved, including our shareholders, customers, employees and the communities we represent.”
Once the transaction completes, SmartFinancial will have consolidated assets of more than $2.7bn.
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By GlobalDataSmartFinancial president and CEO Billy Carroll said: “The Progressive franchise is complementary to our existing Tennessee footprint, adding adjacent markets where we are excited to introduce the SmartBank banking brand.
“Progressive shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”
The deal is slated to complete in the first half of 2020 subject to regulatory and shareholders’ approvals.
In January, SmartFinancial signed an agreement to acquire Entegra Financial in a $158.2m deal. The deal currently awaits regulatory approvals.
