COLUMBIA, Tenn.--(BUSINESS WIRE)--First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, a community bank with 22 full-service locations in eight Middle Tennessee counties, today announced that it has completed the purchase of an office located at 2306 21st Avenue South in the Hillsboro Village area of Nashville from First Horizon National Corporation (NYSE: FHN). The new office will mark the Company's second branch location in Nashville and is planned to reopen under the First Farmers' name by the end of 2018.
Separately, First Farmers also announced it has entered into a definitive agreement (the "Transaction") to sell its branch office in White Bluff, Tennessee – the Bank's sole location in Dickson County – to F&M Bank in Clarksville, Tennessee. The Transaction is expected to close during the first quarter of 2019. Sandler O'Neill + Partners, L.P. served as exclusive financial advisor to First Farmers while Waller Lansden Dortch & Davis, LLP served as legal counsel.
The terms of both transactions were not released.
Commenting on the announcement, T. Randy Stevens, Chairman and Chief Executive Officer of First Farmers, said, "As part of our long-term and measured branching strategy, we are pleased to announce the acquisition of a second location in the Nashville market. This new office will greatly strengthen our presence in the southeastern area of the city and provide First Farmers with greater exposure to some of Nashville's strongest growth dynamics and economic trends – in terms of both retail and business customers.
"As part of our expansion into the Nashville market, we have entered into an agreement to sell our branch in White Bluff to F&M Bank," Stevens continued. "We believe the synergies possible from our ongoing expansion in Nashville and the growth opportunities that characterize that market are compelling and present a better strategic fit with our vision for the Company's goals and objectives."
F&M Bank is a $1.1 billion community bank chartered in 1906. With the addition of the White Bluff branch, F&M will operate a total of 20 banking and mortgage offices in 10 Middle Tennessee counties. In response to the transaction, William S. Stuard, Jr., Chairman and Chief Executive Officer of F&M Bank, stated, "We are excited to welcome the White Bluff office and community to the F&M family. White Bluff and Dickson County are natural extensions of our long range vision for Middle Tennessee. The branch has built, and continues to grow, a solid deposit and loan base. We look forward to offering our banking and mortgage services to the community and continuing their growth."
About First Farmers and Merchants Corporation and First Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in eight Middle Tennessee counties. As of June 30, 2018, First Farmers reported total assets of approximately $1.4 billion, total shareholders' equity of approximately $124 million, and administered trust assets of $4.8 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under "Investor Relations."
Cautionary Note Regarding Forward Looking Statements
This news release may contain certain "forward-looking statements" that represent First Farmers' expectations or beliefs concerning future events and often use words or phrases such as "opportunities," "prospects," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned to not place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.