Longtime Bone McAllester Norton client CNB Bancshares, Inc., parent company of Citizens National Bank in Sevierville, Tenn., has announced the planned acquisition of National Bank of Tennessee. Following completion of the transaction, Citizens National Bank is expected to have total assets of approximately $1 billion, and the banking offices of National Bank of Tennessee will be operated as branch offices of Citizens National Bank.
The acquisition is subject to customary closing conditions, including the receipt of all bank regulatory approvals, and is expected to close in the first half of 2016. In addition, it will involve a Chapter 11 bankruptcy filing of National Bank of Tennessee’s parent holding company, NBN Corporation. The NBN Corporation will require approval of the transaction under Section 363 of Chapter 11 of the U.S. Bankruptcy Code. National Bank of Tennessee was not included in NBN Corporation’s Chapter 11 petition, and the bank’s operations will not be affected by the parent company’s filing.
Trace Blankenship, member and general counsel of Bone McAllester Norton, is serving as lead counsel on this transaction. His practice is focused on mergers and acquisitions, securities/venture funding/private placements and company governance and board strategy.
Read the full announcement here.
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