Alston & Bird client SmartFinancial Inc., parent company of SmartBank, has announced a proposed agreement to acquire Progressive Financial Group Inc., parent company of Progressive Savings Bank, in a cash and stock transaction valued at $41.4 million.
Based in Jamestown, TN, Progressive Savings has six full-service offices in central Tennessee and more than $300 million in total assets.
SmartFinancial is headquartered in Knoxville and operates 29 branches spanning east Tennessee, Tuscaloosa and southwest Alabama, and the Florida Panhandle. It has approximately $2.4 billion in assets.
The merger will expand SmartFinancial’s presence in Tennessee, making it the seventh-largest community bank by deposits in the state, with total consolidated assets exceeding $2.7 billion.
The acquisition is anticipated to close during the first half of 2020, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions.
Advising SmartFinancial is an Alston & Bird team led by partners Mark Kanaly and Kyle Healy, senior associate Will Hooper, and associate Nathan Tyre (Financial Services & Products); partner Cliff Stanford (Bank Regulatory); and senior associate Meredith Gage (Employee Benefits & Executive Compensation).