SmartBank buying Cleveland branch of FSG Bank

KNOXVILLE, Tenn. (WDEF) – SmartBank, based in Knoxville, is buying their way into the Cleveland, Tennessee market.

Their parent company is purchasing the Cleveland branch of FSG Bank.

SmartBank has agreed to assume approximately $33,000,000 in customer deposits and purchase approximately $32,000,000 in loans and other assets affiliated with the Cleveland branch.

“This acquisition provides an incredible opportunity to expand our presence in Tennessee and introduce our brand and excellent client service to Bradley County,” said SmartBank President and CEO, Billy Carroll.

“Our expansion earlier this year into the Chattanooga market through the merger with Cornerstone Community Bank makes this FSG Bank branch acquisition in Cleveland a great strategic fit.”

Pending regulatory approval, the acquisition should be completed in the first quarter of 2017.

Categories: Business, Cleveland, Local News

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