With $30.1 million raised, Tempus USF LLC of Little Rock tops Arkansas Business list of the largest private investment offerings ranked by total investment amount sold.
An Arkansas bank holding company with roots back to the 1880s has signed a deal to buy Cumberland Bancshares, the owner of Hartsville-based Citizens Bank.
Terms of First Paragould Banksharesâ deal for Cumberland arenât being disclosed. Citizens has assets of about $290 million and runs offices in Gallatin and Hendersonville as well as Hartsville. Founded in 1905, it employs about 50 people and finished 2020 with a profit of $2.6 million, down from $3.1 million the year before.
When completed â which is expected late this year â the purchase will grow First Paragouldâs First National Bank subsidiary to 23 branches and $2.2 billion in assets. First Nationalâs branch network today is concentrated in the Natural Stateâs Little Rock, Fayetteville and Jonesboro markets.
Press release content from Business Wire. The AP news staff was not involved in its creation.
First Paragould Bankshares, Inc. to Enter Tennessee with Acquisition of Cumberland Bancshares, Inc. and Citizens Bank
May 5, 2021 GMT
PARAGOULD, Ark. & HARTSVILLE, Tenn. (BUSINESS WIRE) May 4, 2021
First Paragould Bankshares, Inc. (“First Paragould”), the holding company for First National Bank (“First National”), announced today that it has entered into a definitive agreement to acquire Cumberland Bancshares, Inc. (“Cumberland”) and its banking subsidiary, Citizens Bank located in Hartsville, Tennessee.
With the proposed transaction, First National will enter Tennessee and establish a significant presence within the Nashville MSA, including branches in Sumner County and Trousdale County. On a pro forma basis, First National Bank will have 23 branches and total assets of approximately $2.2 billion.