Planters Bank & Trust Co. announced this week plans to acquire Tennessee-based First Capital Bank.
This expansion marks the Indianola-based bank’s entrance into Tennessee and should enhance its existing presence in the Memphis MSA.
According to a joint release from Planters and First Capital this week, Planters will expand to have 20 branches and total assets of approximately $1.7 billion at the close of the transaction, which is expected to occur during the fourth quarter of 2021.
“We are very excited to announce our partnership with First Capital, and we look forward to our combined companies continuing to build upon the great community bank franchise First Capital has established. We view Memphis as a vital growth market for our company, and First Capital’s commitment to serving its customers and the Memphis market makes them the perfect partner to expand our footprint in the area,” explained Alan H. Hargett, CEO of Planters Bank & Trust Company.
First Capital, which is held under Germantown Capital Corporation Inc., had approximately $378 million in total assets as of June 30, 2021, the release said.
“We are proud to partner with Planters Bank and believe the merger is an excellent fit,” remarked R. Kent Davis, President and CEO of First Capital. “Being part of a larger community bank that shares our same customer-first focus will allow us to better provide competitive products and services to our customers while remaining actively involved in our communities.”
The acquisition, which is subject to customary closing conditions, including the approval of Germantown Capital Corporation, Inc. shareholders and the receipt of all necessary regulatory approvals.
Janney Montgomery Scott LLC served as the financial advisor to Planters Holding Company and delivered a fairness opinion to the Planters Holding Company Board of Directors. Jones Walker, LLP served as the legal advisor to Planters Holding Company. Olsen Palmer LLC served as the financial advisor to First Capital and delivered a fairness opinion to the Germantown Capital Corporation, Inc. Board of Directors. K&L Gates LLP served as the legal advisor to First Capital.
