Lineage Financial Network Acquires Sumner Bank & Trust and Citizens Bank & Trust Company
February 25, 2020
Lineage Financial Network, Inc. signed separate merger agreements to acquire Sumner Bank & Trust (Gallatin, Tenn.) and Citizens Bank & Trust Company (Atwood, Tenn.), with Citizens' parent Bumpushares, Inc. also merging into Lineage. Upon closing (expected Q2 2020, subject to approvals), both banks will operate as separately managed, wholly-owned subsidiaries of Lineage while retaining their local names and staffs and gaining Lineage's technology and capital to support growth.
- Buyers
- Lineage Financial Network, Inc.
- Targets
- Sumner Bank & Trust, Citizens Bank & Trust Company
- Sellers
- Bumpushares, Inc., Shareholders of Sumner Bank & Trust
- Industry
- Financial Services
- Location
- Tennessee, United States
- Transaction Type
- Buyout
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