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First Paragould Bankshares, Inc. to Enter Tennessee with Acquisition of Cumberland Bancshares, Inc. and Citizens Bank
May 5, 2021 GMT
PARAGOULD, Ark. & HARTSVILLE, Tenn.--(BUSINESS WIRE)--May 4, 2021--
First Paragould Bankshares, Inc. (“First Paragould”), the holding company for First National Bank (“First National”), announced today that it has entered into a definitive agreement to acquire Cumberland Bancshares, Inc. (“Cumberland”) and its banking subsidiary, Citizens Bank located in Hartsville, Tennessee.
With the proposed transaction, First National will enter Tennessee and establish a significant presence within the Nashville MSA, including branches in Sumner County and Trousdale County. On a pro forma basis, First National Bank will have 23 branches and total assets of approximately $2.2 billion.