Bradley County Financial Corp. (“Bradley”), the holding company of Bank of Cleveland and Builtwell Bancorp, Inc. (“Builtwell”), the holding company of Builtwell Bank, announced today an agreement whereby Builtwell and Bradley will merge. Upon completion of the proposed transaction, Builtwell will be the surviving entity and will be the parent company of both Builtwell Bank and Bank of Cleveland until Bank of Cleveland is merged with and into Builtwell Bank at a later date.
Olsen Palmer LLC served as financial advisor to Bradley County Financial Corp. and issued a fairness opinion to its Board of Directors.
The transaction, which has been approved by the Board of Directors of both companies and is subject to shareholder and regulatory approvals, is expected to close in the first quarter of 2025.
Based on most recent reported financials, the combined institution is expected to have approximately $2.2 billion in total assets and 37 banking offices.