Commercial BancGroup Inc., holding company of Commercial Bank, based in Harrogate, Tenn., has acquired of National Bank of Tennessee in Newport through bankruptcy proceedings.
“We are excited to add National Bank of Tennessee to our Commercial Bank family,” said Terry Lee, CEO of Commercial Bank. “Our business model works well in communities like Newport … The people you are used to seeing, you will continue to see. The name will change, but the people will not.”
Terms of the deal were not disclosed.
The two National Bank locations in Newport will be added to Commercial Bank’s 22 branch network.
The acquisition is expected to be finalized in March and will position Commercial Bank as the seventh largest community bank in the state of Tennessee with total assets approaching $1 billion, Commercial BancGroup said.
Commercial Bank is a family-owned community bank with customers in Claiborne, Cocke, Knox, Sullivan, Union and Washington counties in Tennessee as well as in Bell, Harlan and Knox counties in Kentucky.