BRENTWOOD, Tenn.--(BUSINESS WIRE)--Reliant Bancorp, Inc. (“Reliant” or the “Company”) (Nasdaq: RBNC), the parent company for Reliant Bank, announced today that its Board of Directors increased its quarterly cash dividend to $0.10 per share, representing an 11.1% increase from the previous quarterly cash dividend of $0.09 per share. The $0.10 per share cash dividend is payable on February 14, 2020, to shareholders of record as of the close of business on February 4, 2020.
“The 11.1% increase in our cash dividend to $0.10 per share highlights Reliant’s continued growth in 2019,” stated DeVan Ard, Jr., Reliant’s Chairman, President and CEO. “Our cash dividend program is an important part of building long-term shareholder value as we continue to focus on growing loans and deposits to increase our enterprise value.
“We are very optimistic about 2020. We closed on the previously announced acquisition of Community Bank & Trust on January 1, 2020, adding $253 million in assets. We also expect to close the acquisition of First Advantage Bank ($738 million in assets) in the second quarter of 2020. We expect these acquisitions to expand our franchise in Middle Tennessee and be accretive to Reliant’s 2020 earnings,” Ard concluded.
About Reliant Bancorp, Inc. and Reliant Bank
Reliant Bancorp, Inc. (Nasdaq: RBNC) is a Brentwood, Tennessee-based financial holding company which, through its wholly owned subsidiary Reliant Bank, operates banking centers in Cheatham, Davidson, Hamilton, Hickman, Maury, Robertson, Rutherford, Sumner, and Williamson counties, Tennessee. Reliant Bank is a full-service commercial bank that offers a variety of deposit, lending, and mortgage products and services to business and consumer customers. For additional information, locations, and hours of operation, please visit www.reliantbank.com.
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe,” “anticipate,” “expect,” “may,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of similar meaning, and the negatives thereof, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements regarding Reliant’s future financial and operating results (including the Transactions (as defined below) expanding Reliant’s franchise in Middle Tennessee and the Transactions being accretive to Reliant’s 2020 earnings), and Reliant’s plans, objectives, and intentions.
All forward-looking statements are subject to assumptions, risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. Such assumptions, risks, uncertainties, and factors include, among others, (1) the risk that expected cost savings and revenue synergies from (i) the merger of Reliant and Tennessee Community Bank, Inc., the parent of Community Bank & Trust (“TCB Holdings”) (the “TCB Holdings Transaction”), or (ii) the proposed merger between Reliant and First Advantage Bancorp, the parent of First Advantage Bank (“First Advantage”) (the “First Advantage Transaction” and, together with the TCB Holdings Transaction, collectively, the “Transactions”), may not be realized or may take longer than anticipated to be realized, (2) the ability to meet expectations regarding the timing and completion of the First Advantage Transaction and the accounting and tax treatment of the Transactions, (3) the effect of the announcement, pendency, or completion of the Transactions on customer, supplier, or employee relationships and operating results (including without limitation difficulties in maintaining relationships with employees and customers), as well as on the market price of Reliant’s common stock, (4) the risk that the businesses and operations of TCB Holdings and its subsidiaries and of First Advantage and its subsidiaries cannot be successfully integrated with the business and operations of Reliant and its subsidiaries or that integration will be more costly or difficult than expected, (5) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement for the First Advantage Transaction, (6) the amount of costs, fees, expenses, and charges related to the Transactions, including those arising as a result of unexpected factors or events, (7) the ability to obtain the shareholder and governmental approvals required for the First Advantage Transaction, (8) reputational risk associated with and the reaction of the parties’ customers, suppliers, employees, or other business partners to the Transactions, (9) the failure of any of the conditions to the closing of the First Advantage Transaction to be satisfied, or any unexpected delay in closing the First Advantage Transaction, (10) the dilution caused by Reliant’s issuance of additional shares of its common stock in the Transactions, (11) Reliant’s ability to simultaneously execute on two separate business combination transactions, (12) the risk associated with Reliant management’s attention being diverted away from the day-to-day business and operations of Reliant to the completion of the Transactions, and (13) general competitive, economic, political, and market conditions. Additional factors which could affect the forward-looking statements can be found in Reliant’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. Reliant believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Reliant disclaims any obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.