Archives for July 2016

Two Banks Become One

ELIZABETHTON, TN – Citizens Bank and American Trust Bank of East Tennessee in Knoxville have an agreement and plan to merge. The respective Boards of Directors of Citizens Bank (Tri-Cities area) and American Trust Bank of East Tennessee (Knoxville area) have unanimously approved the deal, according to a media release. The transaction is expected to close in the fourth quarter of 2016. Upon completion, Citizens Bank will become among the 20 largest Tennessee-headquartered banks, based on asset size. The agreement and plan of merger is subject to regulatory and American Trust Bank shareholder approval.