Edmonton State Bank, Sumner Bank & Trust sign merger deal


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 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 Bancshares, Inc. and Sumner Financial Corporation have not been disclosed.

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, State Bank holds total assets of $733 million, while has $234 million in total assets. Following the merger, Edmonton State Bank’s total assets are anticipated to reach $982 million.

Keith Hatley — 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.”

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 — 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 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.

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