Transaction Expands TriSummit Bank to Hamblen & Jefferson Counties
KINGSPORT, Tenn.--(BUSINESS WIRE)--
Officials with TriSummit Bancorp, Inc., the parent company of TriSummit
Bank, today announced the successful completion of TriSummit Bancorp,
Inc.’s acquisition of Community National Bank of the Lakeway Area
(OTCBB: CNLA) (“CNLA”) and the merger of CNLA with and into TriSummit
Bank, thereby expanding TriSummit Bank’s northeast Tennessee presence to
Hamblen and Jefferson Counties.
TriSummit Bank previously announced its plans to acquire CNLA on January
14, 2014. As of March 31, 2014, CNLA had total assets of approximately
$118 million, total loans of approximately $61 million and deposits of
approximately $99 million. The former branches of CNLA will be operated
as branches of TriSummit Bank effective with the July 1, 2014, effective
date of the transaction.
In connection with the transaction, CNLA shareholders will receive $5.35
per share, in cash, for their shares of CNLA stock. Based on the number
of shares of CNLA stock outstanding as of June 30, 2014, the aggregate
consideration to be received by shareholders of CNLA is approximately
As a result of the transaction, TriSummit Bank has acquired two branches
in Morristown, Tennessee and one in Jefferson City, Tennessee, and will
have approximately $231 million in loans and approximately $285 million
in deposits in the TriCities and the Lakeway Area.
Commenting on the acquisition, TriSummit Bancorp, Inc. President and CEO
R. Lynn Shipley, Jr. noted: “Our leadership team, employees and
shareholders are pleased to be expanding our banking franchise to two
additional East Tennessee communities. We very much appreciate the
opportunity to bring our full range of financial services to both
current and future customers in Hamblen and Jefferson Counties through
this merger. Our TriCities based team is also looking forward to working
with the great team of associates in Morristown and Jefferson City who
share our same values, philosophies and commitment to outstanding
Banks Street Partners, LLC served as financial advisor and Butler Snow
LLP served as legal counsel to TriSummit Bancorp Inc. and TriSummit Bank
in connection with the transaction. Monroe Financial Partners, Inc.
served as financial advisor and Bryan Cave LLP served as legal counsel
About TriSummit Bancorp, Inc. and TriSummit Bank
TriSummit Bancorp, Inc. is the parent company of TriSummit Bank, 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 March 31, 2014, TriSummit Bank had total
assets of approximately $248 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 and Lakeway Area President Jerome Julian; Senior Vice
President and Senior Operations Officer Debra Williams; Vice President
and Human Resource Director Pam Bowman; Assistant Vice President and
Marketing Officer Ryiah Staton; and Compliance Officer Phil Wampler. The
principal office of TriSummit Bank is located at 422 Broad Street,
Kingsport, Tennessee 37660. 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.
TriSummit Bancorp, Inc.
Susan Arp, 865-719-1585
Source: TriSummit Bancorp, Inc.