Branch purchase made by The Citizens Bank

The Citizens Bank, Hickman, Ky., is pleased to announce that it has entered into a Branch Purchase and Assumption Agreement with Security Bank and Trust Company, Paris, Tenn., to purchase certain assets and assume certain liabilities associated with Security Bank and Trust Company’s Branch Banking Center located at One Bankers Place, Fulton, Ky.

In the transaction, The Citizens Bank will assume substantially all of the deposits associated with Security Bank and Trust Company’s Fulton branch location, and will purchase certain loans and other assets associated with the branch. 

The Citizens Bank will not purchase Security Bank and Trust Company’s branch real estate, which will be closed by Security Bank and Trust Company and no longer operated as a bank branch following closing of the transaction. 

All of Security Bank and Trust Company’s existing Fulton branch customers will have access to the banking services offered by The Citizens Bank through its branch locations, including a bank branch located at 201 Nolan Avenue, Fulton. 

Financial terms of the deal will not be disclosed.

The transaction, which is subject to the receipt of all required regulatory approvals, is expected to be
completed in the second quarter of 2025.

 Susan Malone, President and Chief Executive Officer of The Citizens Bank, said of the transaction, “The Citizens Bank is excited to engage in this strategic transaction, which will allow us to expand our market presence in Kentucky and provide Security Bank and Trust Company’s existing customers with service and banking products that are second to none. We look forward to working with Security Bank and Trust Company to complete this transaction and ensure a seamless transition for the Security Bank and Trust Company customers. Customers with accounts at Security Bank and Trust Company’s Fulton, branch need not take any action at this time, and should continue to use their current checks, debit cards and other products and services.”

The Citizens Bank is a Kentucky state-chartered commercial bank headquartered in Hickman,
Ky. As of Sept. 30, 2024, The Citizens Bank had approximately $201 million in total assets.

Gerrish Smith Tuck, Consultants and Attorneys, Memphis, Tenn. served as financial and legal advisor to The Citizens Bank, with Greyson Tuck acting as lead advisor. Security Bank and Trust Company is a Tennessee state-chartered commercial bank headquartered in Paris, Tenn. As of Sept. 30, 2024, Security Bank and Trust Company had approximately $1.21 billion in total assets.