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Tennessee-based B.P.C. to acquire in-state peer CFB Bancshares

Cookeville, Tenn.-based B.P.C. Corp. agreed to buy Wartburg, Tenn.-based CFB Bancshares Inc., The (Cookeville) Herald Citizen reported.

The terms of the transaction were not disclosed in the report, but the deal is expected to be completed at the end of 2018. It will bring B.P.C.'s banking assets close to $1 billion, according to the report.

B.P.C. is the parent of Bank of Putnam County, while CFB Bancshares is the parent of Citizens First Bank.

Currently, B.P.C. is constructing a loan operation center in Monterey. It is also planning to build a full-service branch in Kingston in 2019, the report said.

SNL valuations for bank and thrift targets in the Southeast region between Oct. 5, 2017, and Oct. 5, 2018, averaged 156.80% of book, 166.39% of tangible book and had a median of 26.47x last-12-months earnings, on an aggregate basis.

B.P.C. will enter Anderson County, Tenn., with two branches to be ranked seventh with a 4.82% share of approximately $987.7 million in total market deposits, enter Morgan County, Tenn., with one branch to be ranked first with a 55.04% share of approximately $108.0 million in total market deposits, enter Roane County, Tenn., with one branch to be ranked seventh with a 3.2% share of approximately $468.9 million in total market deposits, and enter Scott County, Tenn., with one branch to be ranked third with an 8.94% share of approximately $301.2 million in total market deposits.

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