Planters Holding in Indianola, Miss., will enter Tennessee with an agreement to buy Germantown Capital.
The $1.3 billion-asset Planters said in a press release Wednesday that it expects to complete the purchase of the parent of the $378 million-asset First Capital Bank in the fourth quarter. Planters did not disclose the price it will pay.
First Capital has one branch in the Memphis, Tenn., area, along with $320 million of deposits and $310 million of loans.
“We are very excited to announce our partnership with First Capital, and we look forward to our combined companies continuing to build upon the great community bank franchise First Capital has established,” Alan Hargett, Planters’ CEO, said in the release.
“We view Memphis as a vital growth market for our company, and First Capital’s commitment to serving its customers and the Memphis market makes them the perfect partner to expand our footprint in the area,” Hargett added.
Janney Montgomery Scott and Jones Walker advised Planters. Olsen Palmer and K&L Gates advised First Capital.
Several Memphis-area banks have agreed to be sold in recent months.