This story first appeared on our sister publication the Nashville Post.
The leaders of Reliant Bancorp have struck a deal to buy the parent of Community Bank & Trust in Ashland City for about $37 million in stock and cash.
The proposed deal, which is expected to be completed in the first quarter, will add about $250 million in assets and nearly $210 million in deposits to Brentwood-based Reliant, pushing the bank past $2 billion in assets. Community Bank & Trust runs four offices in Cheatham County as well as a branch in Springfield.
In a statement, Reliant Chairman, President and CEO DeVan Ard and his team called the deposits Community Bank & Trust brings to the deal “attractive”and noted their overall cost of 0.77 percent in the first half of the year. During that time, Reliant’s cost of funds was well north of 1 percent.
“The transaction meets all of our criteria for an acquisition, will be immediately accretive to earnings and provides a strong core deposit base,” Ard said. “Community Bank & Trust also has excellent asset quality and the No. 1 deposit market share in a growing county in the Nashville MSA.”
Word of Reliant’s plans to buy Tennessee Community Bank Holdings comes less than two years after Ard and his team completed their $62 million purchase of Community First Bank & Trust’s parent company, giving them a large market share in Maury County to go with their home base in Williamson. Bringing Community Bank & Trust into the fold is expected to grow Reliant’s earnings per share by more than 10 percent next year and at least 12 percent in 2021.