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Lineage Financial Network to Acquire Sumner Bank and Trust, Citizens Bank and Trust
Thursday 27 February 2020

27 February 2020 - Tennessee, US-based banking technology company Lineage Financial Network, Inc. has agreed to separate merger agreements, resulting in ownership and operation of Tennessee-based community banks: Sumner Bank and Trust and Citizens Bank and Trust, the company said.

Terms of the transaction were not disclosed.

Lineage has also agreed to merge with Bumpushares, Inc., the parent company of Citizens Bank and Trust company, with the intent of becoming a registered bank holding company.

When the acquisitions are completed and closed, Sumner Bank and Trust and Citizens Bank and Trust company will each be separately-operated, wholly-owned bank subsidiaries of Lineage.

The mergers are expected to close in the second quarter of 2020, subject to receiving the requisite approval of the Sumner Bank and Trust shareholders, receipt of all required regulatory approvals, and fulfillment of other closing conditions described in the merger agreements.

Commerce Street Capital, LLC served as financial advisor to Lineage Financial Network, Inc., and Bone McAllester Norton PLLC and the Law Office of Alan D. Hall served as legal counsel.

ProBank Austin served as financial advisor to Sumner Bank and Trust, and Thompson Burton PLLC served as legal counsel. Serving as legal counsel to Bumpushares, Inc. and Citizens Bank and Trust company was the law firm of Henry, McCord, Bean, Miller, Gabriel and LaBar, PLLC.
Details
Date Published: 27/02/2020
Target: Sumner Bank and Trust and Citizens Bank and Trust
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor:
Buyer: Lineage Financial Network, Inc
Buyer Advisor: Commerce Street Capital , Bone McAllester Norton , Law Office of Alan D. Hall
Comment:
Terms of the deal were not disclosed

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