Olsen Palmer is pleased to announce that Community Bank & Trust and its parent company Tennessee Community Bank Holdings, Inc. (“TCBH”) have entered into a definitive agreement to be acquired by Reliant Bancorp, Inc. (“Reliant”, NASDAQ: RBNC), parent company for Reliant Bank, in a stock and cash transaction valued at $38.2 million, based on Reliant’s per share closing price on September 16, 2019.
Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to TCBH, the parent company for Community Bank & Trust.
Under the terms of the agreement, shareholders of TCBH will receive 0.769 shares of Reliant common stock, subject to certain adjustments provided for in the merger agreement, and $17.13 in cash in exchange for each share of common stock. TCBH options outstanding are to be cashed out. Reliant expects the acquisition to be 10.5% accretive to earnings per common share in 2020, including fully realized cost savings, and 5.3% dilutive to tangible book value per share at closing with an earnback period of less than three years. The aggregate consideration is comprised of approximately 50% stock and 50% cash.
The transaction, which has been approved by the boards of directors of both Reliant and TCBH but remains subject to customary regulatory and shareholder approvals, is expected to close in the first quarter of 2020.
With this transaction, Olsen Palmer remains a Top 3-ranked bank M&A advisor across the entire United States according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.
If you would like additional information or have any questions, whether on this transaction, M&A, valuation, or strategic options, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.