Peoples Bancshares of TN in Madisonville, Tenn., has applied to buy First Peoples Bancorp in Jefferson City, Tenn.
Peoples Bancshares, the holding company for the $456.1 million-asset Peoples Bank of East Tennessee, submitted its application on Sept. 18. It expects to buy the parent of the $219.5 million-asset First Peoples Bank of Tennessee by early next year.
“We have long respected the relationships First Peoples Bank of Tennessee has built within its communities. Together, we will be better positioned to deliver enhanced products, expanded capabilities, and continued personal service while maintaining the ‘People First’ values our customers expect,” Chris White, chairman and CEO of Peoples Bancshares, said in the release.