The CEO of Reliant Bancorp on Wednesday said his team’s two recently announced acquisitions will likely keep the Brentwood lender out of the M&A market until the middle of next year.
Speaking to analysts and investors Wednesday, DeVan Ard said the planned purchases of Community Bank & Trust in Cheatham County and First Advantage Bank in Montgomery County should be completed and integrated by next May, when Reliant will have about $3 billion in acquisitions. The goal from there is to grow into a regionally focused bank with $5 billion to $10 billion in assets in the next three to five years — something Ard said Reliant likely can’t do via organic growth alone.
Future deals, Ard added, would probably look more like First Advantage — which has about $700 million in assets — than the smaller Community Bank & Trust.
"Ideally, we'd like to be north of $500 million," he said.
Ard on Wednesday also told analysts he doesn’t expect banks active in Middle Tennessee to get much margin relief from any upcoming Federal Reserve interest rate cuts. The regional economy’s strong growth, he said, means lenders continue to thirst for deposits and thus are willing to continue to pay up for them.
Heading into the close of trading Wednesday, shares of Reliant (Ticker: RBNC) were off about 3 percent to $22.91. They have risen slightly over the past six months.
This story first appeared on our sister publication the Nashville Post