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Deal to combine Tennessee banks will ripple into Richmond
April 15, 2021
The SmartBank brand is expected to eventually show up in Richmond as the bank expands with new branches. (
Images courtesy of SmartBank)
Four months after arriving in Richmond, a small Tennessee-based bank from Dolly Parton’s home town has struck a deal that it says will help it expand its reach locally.
Sevier County Bank, which expanded into Richmond last fall as Southern Community Bank, is set to be acquired by SmartBank, a much larger competitor from its home state.
While the bulk of both banks’ assets and presence is in Tennessee, John Presley, a longtime Richmond banker who serves as SCB’s executive chairman, said the deal will accelerate the growth SCB had planned for Richmond.
Knoxville Biz Ticker: SmartFinancial, Inc. announces acquisition of Sevier County Bancshares, Inc.
The Knoxville News-Sentinel 2 hrs ago Knoxville News Sentinel
SmartFinancial, Inc. announces acquisition of Sevier County Bancshares, Inc.
KNOXVILLE, Tenn., April 14, 2021 – SmartFinancial, Inc., (Nasdaq: SMBK) (“SmartFinancial”), parent company of SmartBank, and Sevier County Bancshares, Inc., (“SCB”), parent company of Sevier County Bank, jointly announced today their entry into an agreement and plan of merger pursuant to which SmartFinancial will acquire SCB.
As of December 31, 2020, SCB had approximately $424 million of total assets, $381 million in deposits, and $243 million in net loans with six branches in Sevier County, Tennessee and one branch in Richmond, Virginia. The proposed transaction will improve SmartFinancial’s market share to #1 in Sevier County, Tennessee based on deposits as of June 30, 2020 and become the 4th largest community b
Knoxville Biz Ticker: KaTom now sixth-largest in restaurant supply
The Knoxville News-Sentinel 2 hrs ago Knoxville News Sentinel
KaTom now sixth-largest in restaurant supply
Kodak, Tenn. –April 13, 2021 - KaTom Restaurant Supply came through the pandemic stronger than ever and continues to set sales records and grow.
In March, the company had its best sales month in its nearly 40-year history, proof of recent economic reports indicating things are turning around for hospitality businesses. April began with KaTom being named the sixth-largest restaurant supply firm in America, up from tenth a year ago.
“It was a challenging year for our industry, as it was for everyone,” KaTom Founder, CEO, and President Patricia Bible said. “But we didn’t embrace fear. We stayed the course, worked harder, and found new opportunities.”
Knoxville Biz Ticker: Pilot Company hosts virtual National Hiring Day to fill more than 5,000 jobs for busy travel season
The Knoxville News-Sentinel 1 hr ago Knoxville News Sentinel
Pilot Company hosts virtual National Hiring Day to fill more than 5,000 jobs for busy travel season
KNOXVILLE, Tenn. (April 14, 2021) – Pilot Company, one of the leading suppliers of fuel and the largest operator of travel centers in North America, will host its annual National Hiring Day on Tuesday, April 27, with virtual meet and greets across North America. As more travelers get back on the road this spring and summer, Pilot Company seeks to fill more than 5,000 positions with jobs in retail, food service, professional driving, and corporate roles.