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FB Financial seeks Fed approval to buy Clayton HC units

In Tennessee, Nashville-based FB Financial Corp is seeking Fed approval for its pending acquisition of Knoxville-based Clayton HC Inc.'s units, Clayton Bank and Trust and Tullahoma-based American City Bank, according to a Form Y-3 filed March 21.

The application was submitted March 10 to the Federal Reserve Board.

Under the stock purchase agreement, the two banks will merge with and into FB Financial unit FirstBank.

FB Financial also seeks regulatory approval for a proposal to grant Clayton HC Chairman and CEO James Clayton the right to appoint one director to the board of FB Financial. Clayton owns more than 98% of the Knoxville-based bank holding company.

Furthermore, Travis Edmondson, who is currently a director of Camden-based Apex Bancorp Inc. and unit Apex Bank, will also join FB Financial's board upon the completion of the merger. According to the regulatory filing, Edmondson will resign from his position in Apex Bancorp prior to the completion of the merger.