Lewisburg and Shelbyville, Tennessee, October 16, 2024 – First Commerce Bancorp, Inc.
(“FC Bancorp”), the parent company of First Commerce Bank, headquartered in Lewisburg, Tennessee, and Peoples Bank of Middle Tennessee (“Peoples Bank”), headquartered in Shelbyville, Tennessee, announced today the signing of a definitive agreement (the “Definitive Agreement”) providing for FC Bancorp to acquire Peoples Bank.
Also, First Commerce Bank and Peoples Bank have entered into an agreement (the “Bank Merger Agreement”) providing for the merger of Peoples Bank with and into First Commerce Bank. On a pro forma basis as of June 30, 2024, the combined bank would have total assets of approximately $843 million, deposits of approximately $748 million, and gross loans of approximately $604 million, and would operate six full-service branches in Bedford, Lincoln, Marshall, and Rutherford counties, Tennessee.
“We are excited to welcome Peoples Bank to the First Commerce Bank family,” said Luke Buckley, the President and Chief Executive Officer of First Commerce Bank. “Our banks share similar values and a strong commitment to serving our customers and communities. We see great opportunity for a true community bank in Southern Middle Tennessee and look forward to building on the success Peoples Bank has experienced in Bedford County for decades.”
Mike Rittenberry, President and Chief Executive Officer of Peoples Bank, commented on the announcement, stating, “We are very excited about the combination of Peoples Bank and First Commerce Bank. We have known the First Commerce Bank team for a long time and believe that this transaction is one that will benefit our customers, employees, shareholders, and communities. Partnering with First Commerce Bank will allow us to continue to take care of our customers and employees, all while remaining committed to a community bank operating model.”
Both the Definitive Agreement and the Bank Merger Agreement have been unanimously approved by the parties’ boards of directors. The parties currently expect to consummate the transaction in the first quarter of 2025, subject to the receipt of all required regulatory approvals and the approval of the Definitive
Agreement by the shareholders of Peoples Bank, as well as the satisfaction of other closing conditions contained in the Definitive Agreement.
K&L Gates LLP is serving as legal counsel to FC Bancorp and First Commerce Bank, and Forvis Mazars, LLP is serving as financial advisor to FC Bancorp and First Commerce Bank. Bass, Berry & Sims PLC is serving as legal counsel to Peoples Bank, and Olsen Palmer LLC is serving as financial advisor to Peoples Bank.
About FC Bancorp and First Commerce Bank
First Commerce Bancorp, Inc., domiciled in Lewisburg, Tennessee, is a Tennessee corporation and bank holding company registered under the Bank Holding Company Act of 1956, as amended. First Commerce Bank, a wholly owned subsidiary of FC Bancorp, is a Tennessee state-chartered commercial bank chartered in 2002 and headquartered in Lewisburg, Tennessee. First Commerce Bank is a full-service community bank with five full-service branch offices in Lewisburg, Chapel Hill, Fayetteville, and Murfreesboro, Tennessee. As of June 30, 2024, First Commerce Bank had total assets of approximately $653 million. For additional information about First Commerce Bank, visit www.firstcommercebank.net.
About Peoples Bank
Peoples Bank of Middle Tennessee is a Tennessee state-chartered commercial bank chartered in 2000 and headquartered in Shelbyville. As of June 30, 2024, Peoples Bank had total assets of approximately $185 million. For additional information about Peoples Bank, visit www.pbomt.com.
