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In Tennessee, Citizens Bank to buy American Trust Bank for $19.8M in cash

Elizabethton, Tenn.-based Citizens Bank is acquiring Knoxville, Tenn.-basedAmerican Trust Bank of EastTennessee for $19.8 million in cash.

According to the release, Citizens Bank, a unit ofCitco Community BancsharesInc., has total assets of more than $700 million. American TrustBank has total assets of about $141 million as of March.

The deal is valued at 111.1% of book and tangible book and14.2x earnings, on an aggregate basis. It is also 16.92% of deposits and 14.04%of assets and has a tangible book premium-to-core deposits ratio of 2.40%.According to SNL data, offers for bank and thrift targets in the Southeastbetween July 22, 2015, and July 22, 2016, averaged 138.41% of book, 142.43% oftangible book and had a median of 18.24x last-12-month earnings, on anaggregate basis.

American Trust Bank has four locations across three EastTennessee counties. Its locations will add to Citizens Bank's existing 12full-service banking offices in four cities: Johnson City, Elizabethton,Kingsport and Bristol, Tennessee/Virginia. "Ourboard and management team has had an eye on the Knoxville market as a step inCitizen[s] Bank's continued growth and success for quite some time,"Citizens Bank Chairman and CEO Joe LaPorte III said in the merger release."This merger with [American Trust Bank], along with a Citizens Bank loanproduction office opened in Knoxville earlier this year, provides theopportunity we had been seeking." Citco's entryinto Knox County will be by two branches, where it will rank No. 21 with a0.32% share of approximately $10.24 billion in total market deposits. It willalso enter Loudon County by one branch, to be ranked fifth with a 4.58% shareof approximately $718.16 million in total market deposits, and Campbell County,again by one branch, to be ranked fifth with a 9.24% share of approximately$517.13 million in total market deposits.

The transaction is slated to complete in the fourth quarter,subject to regulatory and shareholder approval.

SunTrust Robinson Humphrey Inc. is serving as financialadviser and Alston & Bird LLP as legal counsel to Citizens Bank, whileOlsen Palmer LLC is serving as financial adviser and Miller Martin PLLC aslegal counsel to American Trust Bank, in connection with the pendingtransaction.

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