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Knoxville-based SmartFinancial Inc. has agreed to buy Progressive Financial Group.
The $41.4 million acquisition will move SmartFinancial into Middle Tennessee. Progressive Financial Group is the parent company of Progressive Savings Bank, which has six branches across Cookeville, Crossville, Jamestown, and Wartburg.
“The Progressive franchise is complementary to our existing Tennessee footprint, adding adjacent markets where we are excited to introduce the SmartBank banking brand,” said SmartFinancial President and CEO Billy Carroll. “Progressive shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”
SmartFinancial will become the state’s 7th largest community bank by deposits, with total consolidated assets in excess of $2.7 billion.
“This partnership enhances our strategic vision of building stronger market share in Tennessee,” said SmartFinancial Board Chairman Miller Welborn. “We have a proven ability to excel in college markets such as Chattanooga, Knoxville, Murfreesboro and Tuscaloosa. The addition of Cookeville, home of Tennessee Tech University with a student body in excess of 10,000, is a logical extension of our footprint that will further enhance our franchise.”
According to a press release, the acquisition is expected to be completed in the first half of 2020.
