FirstBank Gains Regulatory Approval For Acquisition of Northwest Georgia Bank
Deal To Substantially Increase FirstBank’s Chattanooga Presence
NASHVILLE (September 03, 2015) – FirstBank, the wholly owned subsidiary of First South Bancorp, Inc., and third largest Tennessee-headquartered bank, announced today it has received all necessary regulatory approvals to complete its acquisition of Northwest Georgia Bank in Ringgold, Ga. These approvals came from the Federal Deposit Insurance Corporation (FDIC), the Tennessee Department of Financial Institutions and the Georgia Department of Banking and Finance.
Subject to the satisfaction of other customary closing conditions, the approvals clear the way for completion of the merger. FirstBank officials anticipate that will occur in September.
“Obtaining all required regulatory approvals is a major milestone towards completion of the merger,” said FirstBank President and Chief Executive Officer Chris Holmes. “Our banks’ histories and cultures are so closely aligned that we believe the integration of the two banks will be rewarding and we’re looking forward to continued success as we consummate the merger.”
FirstBank entered the Chattanooga market in 2008 when it opened a main office on Chestnut Street and a branch operation on Hamilton Place Boulevard. The pending acquisition of Northwest Georgia Bank will increase FirstBank’s assets to $2.8 billion, giving it four additional branches in Hamilton County, Tenn. and two additional branches in Catoosa County, Ga. It will also elevate FirstBank’s deposit market share from 22nd to 6th in the Chattanooga Metropolitan Statistical Area.
For More Information:
Jeanie Rittenberry Roger Shirley
FirstBank McNeely Pigott & Fox Public Relations
(615) 313-8328 (615) 259-4000
FirstBank has again earned a coveted Five-Star Superior Rating from BauerFinancial, the nation’s best bank rating service analyzing and reporting on the financial condition of the nation’s banking industry since 1983. This means we’re one of the strongest financial institutions in the nation. Bank local at FirstBank and bank strong.