Serial bank investor Gaylon Lawrence Jr. has completed his acquisition of Portland, Tenn.-based Volunteer State Bancshares Inc., the holding company of Volunteer State Bank and mortgage lender Guaranty Trust Mortgage Co., according to the Nashville Business Journal.
Volunteer State Bank had total assets of $690.9 million as of Sept. 30, 2018, according to S&P Global Market Intelligence data.
Lawrence disclosed in 2018 that he was buying Volunteer State Bancshares for $127.5 million in cash.
As part of the deal, Volunteer State Bank's management team will retain their positions, including CEO Matt Ricker, and CFO and COO David Wolfe, as well as Guaranty Trust COO Retta Gardner, the Journal wrote.
The transaction expands the Middle Tennessee market foothold for Lawrence, who also owns Clarksville, Tenn.-based F&M Bank and Nashville-based Tennessee Bank & Trust.