Edmonton State Bank, Sumner Bank & Trust sign merger deal
Edmonton State Bank, a subsidiary of Edmonton Bancshares, Inc., and Sumner Financial Corporation’s subsidiary Sumner Bank & Trust, a bank based in Gallatin, Tennessee, have announced their agreement to merge.
The merger will result in the addition of three new offices to Edmonton State Bank’s existing network of fifteen branches, all of which are located in Sumner County, Tennessee.
As per the agreement, shareholders of Sumner Financial Corporation will receive $26.82 per share, while the specific terms of the merger agreement between Edmonton Bancshares, Inc. and Sumner Financial Corporation have not been disclosed.
Edmonton State Bank, headquartered in Metcalfe County, Kentucky, is the largest independently owned and operated community banking company. It operates as a wholly owned subsidiary of Edmonton Bancshares, Inc., a registered bank holding company. Sumner Bank & Trust, on the other hand, is wholly owned by Sumner Financial Corporation.
Currently, Edmonton State Bank holds total assets of $733 million, while Sumner Bank & Trust has $234 million in total assets. Following the merger, Edmonton State Bank’s total assets are anticipated to reach $982 million.
Keith Hatley — Sumner Bank & Trust President said: “We’re very excited about this new partnership with Edmonton. This is an excellent fit for both companies, and will enhance the combined presence throughout South Central Kentucky and Middle Tennessee.”
Edmonton State Bank presently operates in Allen, Barren, Metcalfe, Monroe, and Warren Counties with its 15 locations. The merger will strategically expand its presence in growing communities within the greater Nashville metropolitan area, specifically in Gallatin and Hendersonville, Tennessee.
David Thompson — Edmonton State Bank President said: “The addition of Sumner Bank & Trust expands our market reach into the Gallatin, Hendersonville and Nashville areas, and continues fulfillment of our long-term strategic goals of providing greater customer convenience and service to all our customers.
“Sumner Bank & Trust and Edmonton State Bank share a similar commitment to customers, employees, and the communities we serve. This merger will also preserve the tradition of community banking.”
The transaction is expected to be finalized during Q4 2023.