KINGSPORT, Tenn. --(BUSINESS WIRE)-- TriSummit Bank and Community National Bank of the Lakeway Area (“Community National Bank”) jointly announced today the signing of a definitive agreement providing for TriSummit Bank’s acquisition of Community National Bank (OTCBB:CNLA). At September 30, 2013 , Community National Bank had total assets of $107 million . The transaction will expand TriSummit Bank’s footprint to seven financial centers – four in the Tri-Cities, two in Morristown and one in Jefferson City, Tenn. Community National Bank has two locations in Morristown, Tenn. , its main office located at 225 W. First North Street , and a second branch located at 2640 West Andrew Johnson Highway , plus a branch located in Jefferson City, Tenn. at 156 East Broadway . The transaction has been approved by the Board of Directors of each company and is expected to close in the second quarter of 2014. The transaction is subject to a number of customary conditions, including approval by the shareholders of Community National Bank and regulatory approval. In an all cash transaction, TriSummit Bank will pay $5.35 per share to Community National Bank shareholders. “We are very excited about having Community National Bank as part of our family and expanding our banking franchise into Hamblen and Jefferson Counties,” said R. Lynn Shipley , Jr., President and CEO of TriSummit Bank . “We are impressed with the employees, officers, management and board of this quality community bank, who share our same values, philosophies and commitment to outstanding customer service.” Sam Grigsby , Jr., Chairman and CEO of Community National Bank, said the transaction will benefit customers, employees and the community. “Our customers will continue to see the same friendly, local employees and the strong commitment to the local community. With TriSummit’s successful track record and the larger community bank footprint created by this merger, TriSummit Bank will be in position to offer our customers new and valuable services, while expanding opportunities for personal growth amongst our CNBLA employees. TriSummit will be able to offer expanded depository products, trust and investment services, and a larger lending capacity, all of which are needed by our Lakeway customers.” “The combination of this established community bank with TriSummit Bank allows us to expand our financial office network and services to two additional East Tennessee communities,” said Shipley. “We look forward to welcoming our new customers and assuring them that they will continue to receive the highest level of customer service for their personal and commercial banking needs. Our mission from the beginning has been to develop a community bank focused on exceeding the expectations of our customers, employees, community and shareholders.” Shipley also announced that, upon completion of the merger, Grigsby will serve as a director of TriSummit Bank and will also serve as the Chairman of a newly-established Lakeway Area Advisory Board of TriSummit Bank . Banks Street Partners, LLC served as financial advisor and Butler Snow LLP served as legal counsel to TriSummit Bank . Monroe Financial Partners, Inc. served as financial advisor and Bryan Cave LLP served as legal counsel to Community National Bank. About TriSummit Bank TriSummit Bank is a Tennessee -chartered community bank dedicated to serving East Tennessee and Southwest Virginia with strong, client and community focused leadership, state-of-the-art financial centers and a full complement of technology based services. At September 30, 2013 TriSummit Bank had total assets of $262 million . The TriSummit Bank leadership team includes President and Chief Executive Officer R. Lynn Shipley, Jr.; Executive Vice President, Chief Financial Officer and Chief Operating Officer George Schneider ; Executive Vice President and Chief Credit Officer Benny Bell ; Johnson City President and Chief Lending Officer Vince Hickam ; Executive Vice President and Kingsport Area Manager Ted Fields ; Bristol President Jerome Julian ; Senior Vice President and Senior Operations Officer Debra Williams ; Vice President and Human Resource Director Pam Bowman ; and Assistant Vice President and Marketing Officer Ryiah Staton. The principal office of TriSummit Bank is located at 422 Broad Street , Kingsport, Tenn. Additional information is available by contacting R. Lynn Shipley , Jr. at 423-857-2502 or by visiting the TriSummit Bank’s website at www.trisummitbank.com . About Community National Bank of the Lakeway Area Community National Bank of the Lakeway Area is a locally-owned community bank located in Hamblen and Jefferson Counties, Tennessee . The bank opened as a national bank in April 2003 . It now operates in three locations, 225 W. First North Street , Morristown, Tenn. , 2640 West Andrew Johnson Highway , Morristown, Tenn. , and 156 East Broadway , Jefferson City, Tenn. The executive management of the bank includes Chairman and CEO Samuel F. Grigsby , Jr., President Charles A. Hughes , Chief Financial Officer Darwin K. Kilday , and Executive Vice President Thomas D. Rush . Additional information is available by contacting Samuel F. Grigsby at 423-317-3228 or by visiting Community National Bank’s website at www.cnbla.com . TriSummit Contact: Susan Arp , 865-719-1585 or CNBLA Contact: Sam Grigsby , 423-317-3228 Source: TriSummit Bank
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