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Tennessee-based Security Bank and Trust, Farmers & Merchants Bank to merge

Dyer, Tenn.-based Dyer F & M Bancshares Inc. signed a definitive merger agreement under which its unit Farmers & Merchants Bank will merge into Paris, Tenn.-based Security Bank and Trust Co.

Financial terms of the transaction were not disclosed.

The deal is expected to close mid-2020. Upon closing, on a pro forma basis, Security Bank and Trust will continue to maintain regulatory capital ratios in excess of the well-capitalized level.

Based on financial results as of Dec. 31, 2019, the combined bank will have about $575 million in total assets, $500 million in total deposits and $395 million in total loans upon completion of the transaction, according to a news release. The headquarters for the combined bank will remain in Paris, Tenn.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between Jan. 10, 2019, and Jan. 10, 2020, averaged 157.00% of book and 164.71% of tangible book and had a median of 17.01x last-12-months earnings, on an aggregate basis.

The deal will enable Security Bank and Trust to enter Gibson County, Tenn., with four branches, which will be ranked fifth with an 11.16% share of approximately $777.8 million in total market deposits.

Piper Sandler served as financial adviser to Security Bank and Trust, according to an email sent to S&P Global Market Intelligence by Piper Sandler.

Security Bank and Trust will open a branch on Highway 45 in Milan, Tenn., in March, according to the news release.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

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