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.