First Citizens, Southern Heritage banks merging - WRCBtv.com | Chattanooga News, Weather & Sports

First Citizens, Southern Heritage banks merging

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DYERSBURG, Tenn. (AP) - Officials say two community banks in Tennessee have announced a merger.

First Citizens Bancshares Inc. and Southern Heritage Bancshares Inc. said Thursday they have agreed to a cash and stock merger.

Under the deal, Cleveland-based Southern Heritage will keep its name and remain a separately-chartered bank, operating as a subsidiary of First Citizens.

With the merger, Dyersburg-based First Citizens solidifies its position as the seventh-largest Tennessee-based community bank.

The combined organization will have approximately $1.5 billion in assets, $1.2 billion in deposits and 24 branches across 10 Tennessee counties.

The transaction is valued at $24.50 per share of Southern Heritage common stock, or about $32.2 million. The deal, which is subject to approval by regulators, is expected to close in the third quarter of this year.

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