July 14, 2020
Citizens Bancorp Investment, Inc. (“Citizens Bank”), the parent company of Liberty State Bank, headquartered in Lafayette, Tennessee, and American Bancshares Corp. (“American”), the parent company of American Bank & Trust of the Cumberlands (“American Bank & Trust”), headquartered in Livingston, Tennessee, today announced the signing of a definitive agreement providing for the American merger with and in Citizens.
“We are thrilled to partner with Marty Maynord, Ryan Smith and the team at American Bank & Trust to help their clients grow their businesses and achieve their dreams with our larger resources. Our increased lending capacity will be useful to growing and successful businesses who wish to stay with a community bank for this high level of service, ”said Pete Williston, President and CEO of Citizens. “American is a highly regarded institution that has served its communities for over 40 years. We are honored to have been chosen as their partner to serve their customers and their communities.
Marty Maynord, CEO of American, also commented on the announcement, saying, “We are delighted to partner with Citizens Bank. We have known them for some time and admire their 111-year commitment to the service of Middle Tennessee. This combination will create the largest bank based in the Upper Cumberland region of Tennessee and improve the experience of our clients and communities in this challenging environment. We look forward to serving our clients even better as a combined institution.
Following the merger, American Bank & Trust will become part of Citizens Bank. American Bank & Trust’s offices in Livingston and Cookeville will continue to operate under their current names for some time. On a pro forma basis, based on financial information as of March 31, 2020, the combined company will have approximately $ 1.2 billion in total assets, $ 794 million in loans, $ 1.0 billion in deposits. and 22 bank branches across average Tennessee. The combined organization would become the 15th largest Tennessee-based bank by total assets. This increased capacity will help many small businesses stay in a community bank, which most small businesses know is central to their continued success.
Following the closing of the transaction, Marty Maynord will continue to serve as CEO of American Bank & Trust until its merger with and with Citizens Bank, which is expected to take place in the second quarter of 2021. US President Ryan Smith will continue to chairman of American Bank & Trust until the bank’s merger. Following the amalgamation of American Bank & Trust and Citizens Bank, Maynord and Smith will each serve as Executive Vice President of Citizens Bank. American customers can know that they will be able to maintain their banking relationships while benefiting from new services and capabilities.
“At times like this, every business owner and individual wants a bank with the resources and community engagement to be there when opportunities arise. Our new combined size of over $ 1.2 billion will allow us to offer even more services and lending capabilities to our borrowers. American Bank customers will benefit from the bigger size as we remain committed to maintaining the small bank feeling that our customers tell us they value, ”said Citizens President Tommy Anderton.
US President Ryan Smith added: “We are very proud to partner with citizens because their culture is very similar to ours. Additionally, it gives our team greater lending capacity to meet the needs of our communities in Overton and Putnam County. We believe this merger is a perfect fit for our clients, our team members and the communities we serve as it provides our clients with continued access to extraordinary service for which both organizations are admired.
The boards of directors of Citizens and American unanimously approved the transaction. The transaction remains subject to customary closing conditions, including receipt of regulatory approvals and US shareholder approval. The transaction is expected to close in the fourth quarter of 2020.
Stephens Inc. acted as financial advisor to Citizens, and Butler Snow LLP acted as legal advisor. Olsen Palmer LLC acted as financial advisor to American and Bone McAllester Norton PLLC as legal advisor.
About Citizens Bancorp Investment, Inc.
Citizens Bancorp Investment, Inc., is the banking holding company of Citizens Bank of Lafayette, a Tennessee state chartered banking company founded in 1909 and headquartered in Lafayette, Tennessee. Citizens Bank of Lafayette currently operates 19 bank branches in 10 counties in Middle Tennessee. As of March 31, 2020, the Citizens Bank of Lafayette reported total assets of $ 948 million. For more information on citizens, visit www.citizens-bank.org
About American Bancshares Corp.
American Bancshares Corp. is the holding company of American Bank & Trust of the Cumberlands, a community bank operating three full-service bank branches in Tennessee in Overton and Putnam counties. American Bank & Trust of the Cumberlands had approximately $ 264 million in assets as of March 31, 2020. For more information on American, visit www.abtc.bank