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Reliant Bancorp Wins Shareholder Nod for First Advantage Bancorp Acquisition
Wednesday 04 March 2020

4 March 2020 - Shareholders of Tennessee, US-based Reliant Bancorp, Inc. (NASDAQ: RBNC) have voted to approve the proposals related to its pending acquisition of First Advantage Bancorp at a special meeting this week, the company said.

First Advantage shareholders also voted earlier to approve the proposals related to the pending transaction at a special meeting of First Advantage shareholders.

Reliant expects to complete its acquisition of First Advantage effective April 1, 2020. This deal was announced last October.

Under the deal, Reliant Bancorp, the parent company for Reliant Bank, has agreed to acquire First Advantage Bancorp, the parent company for Tennessee-based First Advantage Bank in a cash and stock transaction valued at USD 123.4m.

The combined company is expected to have total consolidated assets of approximately USD 3bn, deposits of approximately USD 2.5bn, and loans of approximately USD 2.3bn, and will operate 30 full-service branches and a loan production office in Middle and East Tennessee, after consummation of the pending TCB Holdings Transaction and the FABK acquisition.

The transaction is expected to position Reliant as the second largest bank in Montgomery County, Tennessee, and the third largest bank in the Clarksville, TN-KY Metropolitan Statistical Area.
The definitive agreement provides for the merger of FABK with and into Reliant, with Reliant to be the surviving company.

Under the terms of the definitive agreement, shareholders of FABK will receive 1.17 shares of Reliant common stock and USD 3.00 cash in exchange for each share of FABK common stock.

The acquisition will extend Reliant's footprint into Clarksville and increases Nashville market share
Reliant Bancorp, Inc. (NASDAQ: RBNC) is a Brentwood, Tennessee-based bank holding company which operates banking centres, along with mortgage locations in Brentwood and Hendersonville, Tennessee, through its wholly owned subsidiary Reliant Bank.

First Advantage Bancorp is a bank holding company headquartered in Clarksville, Tennessee, and operates eight banking centres in Clarksville, Franklin, and Nashville, Tennessee, and a loan production office in Knoxville, Tennessee, through its wholly owned subsidiary First Advantage Bank.

Piper Jaffray and Co. served as financial advisor and Butler Snow LLP served as legal counsel to Reliant. Raymond James and Associates, Inc. served as financial advisor and Kilpatrick Townsend and Stockton LLP served as legal counsel to FABK.
Date Published: 04/03/2020
Target: First Advantage Bancorp
Country: USA
Deal Size: 123.4m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: Reliant Bancorp, Inc
Buyer Advisor: Piper Jaffray and Co , Butler Snow LLP