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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.
First National Bank of Paragould s office building in Jonesboro. (First National Bank of Paragould)
First National Bank of Paragould said Wednesday that it will buy Citizens Bank of Hartsville, Tennessee, expanding into the Volunteer state and raising its total assets to about $2.1 billion.
Tennessee s Citizens Bank is no relation to Citizens Bank of Batesville. With about $290 million in assets, the Tennessee bank has three locations: Hartsville, which is an hour northeast of Nashville; and Gallatin and Hendersonville, two of Nashville s northern suburbs.
Financial terms of the deal, which requires regulatory approval, were not disclosed. First National Bank said it would share more information on the transition in the coming weeks.