CLARKSVILLE, Tenn (CLARKSVILLENOW) – Wednesday, October 23, Reliant Bank and its parent company Reliant Bancorp announced that they will be merging with First Advantage Bank of Clarksville Tennessee. The agreement provides for a cash and stock transaction valued at approximately $123.4 million.
The combined company is expected to have total consolidated assets of approximately $2.5 billion and will operate 30 full-service branches and a loan production office in Middle and East Tennessee. This transaction is expected to make Reliant the second largest bank in Montgomery County and the third largest in the Clarksville, Tenn-Ky Metropolitan statistical area.
“I believe the partnership with Reliant Bank is an excellent fit for our shareholders, customers, and employees,” said Earl O. Bradley III, Chief Executive Officer of First Advantage. “The combination of our companies will better align our resources, enhance our financial strength, and expand our product offerings and technology solutions, all while allowing us to remain actively involved in our communities.”
According to a statement on reliantbank.com, the merger is expected to be completed in the second quarter of 2020.
Reliant Bancorp, Inc. (Nasdaq: RBNC) is a Brentwood, Tennessee-based bank holding company which operates banking centers in Davidson, Hamilton, Hickman, Maury, Robertson, Rutherford, Sumner and Williamson Counties, Tennessee, along with mortgage locations in Brentwood and Hendersonville, Tennessee, through its wholly owned subsidiary Reliant Bank.
Reliant will hold a conference call at 9:00 a.m. Central Time on Wednesday, October 23, 2019, to discuss the transaction, including how it relates to Reliant’s previously announced, pending TCB Holdings Transaction, as well as its third quarter financial results. The audio webcast of the call will be broadcast live here.