Paragould-based First National Bank will expand into the Nashville, Tennessee market after signing a definitive agreement to acquire Citizens Bank.
Citizens Bank is based in Hartsville, Tennessee and operates three locations with a total asset size of $288 million. Other locations served are Gallatin and Hendersonville.
Terms of the transaction were not disclosed.
“This is a perfect fit for First National Bank,” said First National Bank Chairman Bill Brewer. “Their size, location, and overall view of banking is exactly what our organization needs to expand into the Nashville market.”
Once the acquisition is complete, First National Bank will grow to around $2.1 billion with 23 locations in Arkansas and Tennessee.
“This is a landmark day for our bank,” said First National Bank Vice Chairman Will Brewer. “For the first time, First National Bank expands outside the borders of Arkansas and Tennessee is the right place for us.”
Regulatory approval is needed to close on the acquisition.
“We can’t wait to welcome the staff and customers of Citizens Bank to the First National Bank family,” said First National Bank President and CEO Donald Guinn. “In our interactions with Todd (Austin) and the team at Citizens Bank, it is apparent that we share the same values of customer service and taking care of our staff. This philosophy won’t change for our new team members and customers in Tennessee.”
First National Bank is based in Paragould, Arkansas and was established in 1889.