Peoples Bank of Middle Tennessee (“Peoples Bank”) and First Commerce Bancorp, Inc. (“FC Bancorp”), the parent company of First Commerce Bank, announced today the signing of a definitive agreement (the “Definitive Agreement”) providing for FC Bancorp to acquire Peoples Bank. Also, First Commerce Bank and Peoples Bank have entered into an agreement (the “Bank Merger Agreement”) providing for the merger of Peoples Bank with and into First Commerce Bank.
Olsen Palmer LLC served as financial advisor and issued a fairness opinion to Peoples Bank of Middle Tennessee.
Both the Definitive Agreement and the Bank Merger Agreement have been unanimously approved by the parties’ boards of directors. The parties currently expect to consummate the transaction in the first quarter of 2025, subject to the receipt of all required regulatory approvals and the approval of the Definitive Agreement by the shareholders of Peoples Bank, as well as the satisfaction of other closing conditions contained in the Definitive Agreement.