Greeneville, Tenn. – Apex Bank, a Tennessee banking corporation, has entered into an agreement to acquire two Greeneville branches from Capital Bank Corporation (“Capital Bank”). The branches are being sold in connection with the previously announced merger of Capital Bank Financial Corp. (NASDAQ: CBF) and First Horizon National Corporation (NYSE: FHN). These branches, located at 560 Van Hill Road and 255 West Summer Street, Greeneville, add a combined $34 million in deposits to the $520 million in assets of Apex Bank. Through this acquisition, Apex Bank increases its Greene County retail presence to over $100 million, an initiative that began with the acquisition of the $55 million American Patriot Bank in December of 2016.
“This is an exciting time of growth for our Apex Bank family,” said Matt Daniels, President and CEO of Apex Bank. “Together we will be able to expand our footprint while leveraging and building on our combined strengths. The current Downtown and Baileyton teams will remain in place and customers can expect to see the same friendly, hometown staff providing excellent customer service. We welcome new Capital Bank customers and team members and look forward to working together to benefit the Greene County community.”
“A strong sense of community is in our DNA because we understand the power of customer relationships,” said Matt Daniels. “This acquisition demonstrates our commitment to Greene County customers, East Tennessee, and the expansion of the Apex Bank family. We’re thrilled to have another opportunity to prove that in Greene County.”
The purchase agreement has been approved by the boards of both companies. Closing is subject to customary approvals by regulators and shareholders. Pending those approvals, the transaction is expected to close within the following months. All current Capital Bank customers will be able to access their existing banking services as normal throughout the acquisition, and will experience a seamless transition to the Apex Bank family. Bank staff and hours of operation will remain the same. Customers will receive information from both banks regarding this transition throughout the process.
Apex Bank has been recognized as the top performing bank with $300 million to $1 billion in assets in the state of Tennessee and third overall in the nation by Independent Community Bankers of America (ICBA) “Top Performing Community Banks” industry analysis. In addition, Banks Street Partners’ “Rank the Banks” report, released in February 2017, ranks Apex Bank as the number one overall bank in the state of Tennessee. Today, the bank provides financial services including checking and savings, consumer and commercial lending, a wide array of mortgage products, and business banking to customers across Tennessee, all 50 states, and Puerto Rico.
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