Citizens Bancorp Investment, Inc. (“Citizens”), the parent company of Citizens Bank of Lafayette (“Citizens Bank”), headquartered in Lafayette, announced today it had completed the acquisition of American Bancshares Corp. (“American”), the parent company of American Bank & Trust of the Cumberlands (“American Bank & Trust”), headquartered in Livingston.
“We are excited to have completed this first step in establishing a partnership with Marty Maynord, Ryan Smith and their outstanding team at American Bank & Trust,” said Pete Williston, chairman and CEO of Citizens. “Our expanded lending capacity will be helpful to growing and thriving businesses that want to remain with a community bank for that high level of service. American is a highly-regarded institution, and we are humbled to be chosen as their partner to serve their customers and communities.”
Maynord, American’s CEO, added, “We are excited to join forces with Citizens Bank to help them further their 111-year commitment to serving Middle Tennessee. This combination will create the largest bank headquartered in the Upper Cumberland region of Tennessee and will enhance the experience for our customers and communities in this challenging environment. We look forward to serving our clients even better as a combined institution.”
Management expects American Bank & Trust will merge with Citizens Bank in June of 2021. American Bank & Trust’s offices in Livingston and Cookeville will continue to operate under their current name for a period of time. On a pro forma basis, based on Sept. 30, 2020, financial information, the combined company will have approximately $1.3 billion of total assets, $821 million in loans, $1.1 billion in deposits, and 22 banking locations across Middle Tennessee.
The combined organization would become the 14th largest bank based in Tennessee as ranked by total assets. The greater capacity will help many small businesses remain with a community bank, something many small businesses believe is at the core of their continued success.
Maynord will continue to serve as CEO of American Bank & Trust until its merger with and into Citizens Bank in the second quarter of 2021. Smith will continue to serve as president of American Bank & Trust until the bank merger. Following the merger of the banks, Maynord and Smith will each serve as executive vice-presidents of Citizens Bank.
“Now, every business owner and individual in our markets has a bank with the resources and community commitment to be there when opportunities present themselves,” said Citizens President Tommy Anderton. “Our new combined size of more than $1.3 billion allows us to bring even more services and lending capability to our borrowers. American Bank customers will benefit from the larger size while we maintain the commitment to continue the small bank feel that our customers tell us they value,”
Smith added “We believe this merger is an excellent fit for our customers, our team members, and the communities we serve, because it affords our clients continued access to extraordinary service for which both organizations have been admired. Furthermore, it gives our team greater lending capacity to meet the needs of our Overton and Putnam County communities.”